Question

Why is it so important to have good data?

Bad data costs businesses billions of dollars every year. Some people estimate that over 25% of business data is inaccurate or incomplete. In addition, incorrect database data can lead to bad decisions, embarrassment, and angry users / unhappy customer. Your thoughts, experience?

Please explain in very detail.

Discuss this topic in detail

Answer 1

Data is collected when an inspection is completed, an employee’s performance is reviewed, and maintenance is recorded, or even when a safety meeting is conducted. The record is then usually kept for future reference in order to achieve a greater objective, such as making better business decisions. Good data ishelps to make the decisions that will positively impact the success of a company, improve its practices and increase revenue. For many companies, managing the quality data can seem like an overwhelming task.

Whereas bad data lack the important information which may leads to the bad result and not able to obtain our Goals.

Reasons Why Good Data Is Important:

• Make Informed Decisions

• Get The Results You Want

• Find Solutions To Problems

• Back Up Your Arguments

• Be Strategic In Your Approaches

• Make The Most Of Your Money

• Completeness ,Consistency and Accuracy