Posted: Apr 1, 2021
Data entry is becoming one of the most important aspects of a company’s success now that Data is viewed as an Asset.
However, many companies struggle with data quality and data accuracy. A Harvard Business Review study involving 75 executives revealed that only 3% found that they had accurate data within the acceptable range of 97 or more correct records out of 100. Many of these companies that are struggling with data accuracy often find their time is more focused on gathering more data rather than making sure the data they have is usable and accurate.
5 Reasons Why Accurate Data Input Can Make or Break Your Company
Creating value from your data requires consistent effort and strategic thinking. Below are five reasons data accuracy matters for your business and how it can make or break your business.
- Improved decision-making: Accurate and reliable insights can be trusted and used by leaders to plan, mitigate risks, and make decisions that can increase revenue, reduce costs, and improve the customer experience
- Issue identification: If data is managed the right way with consistent and timely data input, it can help identify and fix issues right away rather than waiting until high level results like end of quarter reports.
- Improved productivity: Detailed and accurate inputs lead to employees having more time and information to find better solutions to problems. Eliminating the entry of inaccurate information saves all of the time spent correcting data – a pain we’ve all experienced.
- Assists compliance: In highly regulated industries, maintaining good quality data can be the difference between compliance and thousands of dollars of fines. As regulations evolve, businesses need to evolve with them and data accuracy is key to maintain this
- No missed opportunities: Not entering data at all lead to missed opportunities and lost revenue. By having accurate data, businesses can make major key decisions that can enable more efficient processes and better understanding of their environment, leading to a potential for higher ROI than if they didn’t have inputted data at all
At Pontem, we often hear the concern of garbage in / garbage out and our experience is that the fastest way to ensure data accuracy is to begin tracking key pieces of information. The collection and utilization of data requires strong process and the fastest way to identify where processes need to be improved is the consistent monitoring of Key Performance Indicators. Organizations are consistently surprised at how quickly this happens once basic reporting is set up.
Data Accuracy Improves Processes
A great example of data accuracy is around Member Experience and Retention for Associations. If an Association member speaks to a call centre agent about a complaint, it is critical for the agent to enter the information into the system so that two other groups can act on it:
- The Sales group can connect with that Association member to make sure the complaint has been addressed and to make sure the Association member felt heard and valued.
- The Member services group will have another data point around the issue and will have a better chance of understanding root causes to fix. The risk of an Association member leaving increases when information is not entered accurately.
Businesses depend on data accuracy. Without it, the data you might be collecting doesn’t mean anything because the insights drawn from them are based on the quality of data used.
Pontem Innovations has solved this problem for many of our clients and would be happy to show you how. We’ve seen firsthand that the more accurate data a company can provide, the more likely you can create a successful, repeatable customer experience, improve productivity and processes, and increase your overall profits. Contact us today at [email protected] to get started.