Computers need data but people need information. Information is data that has been processed, organised, structured and interpreted. Information gives context and meaning to data.
But if the underlying data is inaccurate, the information gained from it will be poor, leading to potentially bad decision making that could be very costly for your business.
It would be easy to assume that data accuracy is only an issue for large businesses with extensive databases, but this is not so. Typos, duplications and incorrect information are probably even more damaging to a smaller business. Fewer customers means a greater risk of losing one due to data integrity issues.
Small businesses also have fewer team members to cover the essentials, so time spent correcting data is time spent away from activities that create value for the business.
Equally important to accurate data is being selective in what data you capture and record. Too much redundant information takes time to process, doesn’t add anything to the understanding of the business, and can even obscure what’s really going on.
Our analytics team can help you identify and quickly clean up data issues before they turn into costly problems.
Client Case Study: Data Cleansing Eliminates Misinformation
Recently a client was having difficulty tracking their products, which they rent to customers, because in some cases the identifying code was either missing from their database or had been typed in wrongly.
The individual assets were at risk, as was the income they generated.
Manually going through each entry to identify and correct the error would have taken an enormous amount of time.
Our modelling team built a simple, low cost model that quickly reviewed data extracts and identified the errors. These were then easily corrected by referring to other customer information.
We also put in database controls to reduce future errors, leaving a complete and error-free dataset as well as safeguarding future data. The improved data resulted in more accurate information and consequently better decisions.
Data cleansing is just one of a number of modelling solutions we offer clients. Modelling can also help your business:
- Get management information that actually informs
- Give banks the information they need to make an informed decision
- Maximise every business opportunity with simple automation