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Data Quality Management in the Days of Big Data and Advanced Analytics

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Enough has been said and stressed about the importance of data. Still, not much has been spoken about its quality. After all not all data is gold. As per Statista, the world today is generating, consuming, copying, and storing mammoth amounts of data expected to touch 180 zettabytes by 2025. With such vast volumes of data doing the rounds in the data sphere, it becomes imperative for businesses to ensure that they have their hands on the right kind of data. Data that is accurate and legit empowers them to make insight-driven confident decisions. 

Ever since the explosion of data, businesses have shown keenness in making data-driven decisions rather than relying on gut instincts. It’s an approach that has paid impressive dividends as observed by the McKinsey Global Institute which states that data-driven businesses are 23 times more likely to acquire customers, six times more likely to retain existing customers, and 19 times more likely to be profitable. Another study jointly conducted by Harvard and MIT School of Management found that data-driven companies had better financial performance, were more likely to survive, and were more innovative. With the balance firmly leaning towards data-driven entities, leaders wishing to join the data-driven club should ensure they have quality data to drive success. 

Data quality management is markedly crucial in the era of big data and advanced analytics as it is a prerequisite to ensure that only high-quality data percolates from the exodus of big data coming from multiple sources. The quality of data is detrimental to draw valuable insights from the data, any pilferage of poor quality data and the focused efforts and investments in advanced analytics can fall flat on the face.

“Finding the right data, cleaning it, and shaping it is a skill that takes experience and understanding.” Dimitris Bertsimas, Professor of Operation Research, MIT SLOAN
Source: The Analytics Edge: How to turn data into a competitive advantage – MIT Management Sloan School

Our eBook titled, ‘Build data you can count on: Zero doubts, all confidence,’ provides you a first-hand understanding of the importance of data quality management lining out the essentials of a healthy data management process. It serves as a primer for organizations in the age of big data and advanced analytics guiding them on the best practices that safeguard their data and business interests. 

Innover’s Data Quality Framework is the perfect antidote for the big data deluge that can help build confidence in every data byte, across all sources, for all users and enable you to spot data challenges before they become a problem.  Embrace a progressive data management practice that improves data quality to propel you toward data-driven supremacy and success.

  • Innover Team  |  March 22, 2023   |  

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