data is everything in today's fast-paced digital world. Every major decision is made after careful analysis of precise data. According to Harvard Business Review, more than 26.5% of businesses have adopted a data-driven culture. Data-driven companies acquire more customers and generate higher profits than others. But what happens if the data is obsolete?
Valid and precise data can highlight hidden Business opportunities, whereas poor data quality can disrupt organizations and cost millions of dollars. Only a few firms understand the significance of data quality management, while others are busy investing in cutting-edge technologies to gain a competitive advantage. You're mistaken if you believe advanced AI models can overcome data quality issues. Poor quality data will destabilize the models, leading to wrong analysis, and the company cannot rely on the decisions.
Data quality has now become an integral part of successful businesses. The time spent identifying, cleaning, and validating data with automated data quality platforms will help you thrive in your business more than developing complex business algorithms.
Data quality is critical regardless of the type or size of the organization. It increases the likelihood of the company addressing and solving complex challenges. But, in today's scenario, micro businesses have little data and rely on gut instinct, whereas large corporations have a massive amount of data and struggle to make data-driven decisions. To outwit competitors, every company must begin structuring data, eliminating silos, collecting precise data from third-party sources, and ensuring the quality of information.
For example, suppose you intend to launch a new product. In that case, you will need access to data regarding market conditions, competitors, products, and pricing information to develop strategic plans to attract more customers. A minor data error can result in incorrect predictions, costing businesses money and damaging their brand image.
From forecasting market trends to accurate product, pricing, and inventory management, data integrity plays a significant role in the success of your business.
Here are a few negative impacts of obsolete data.
To stay ahead of the market, organizations must have access to validated data to forecast market trends, identify patterns, and gain a competitive edge. If the competitors gain faster access to reliable data than you, they will capitalize on the new product development, and you will miss out on the opportunity.
For example, until 2004, Blockbuster Video was one of the most recognizable brands. They declined when Netflix approached Blockbuster with an offer to buy their company for $50 million, claiming it was a small niche business.
