Data is used in our everyday lives, whether we know it or not, we are part of the process. Every message we send, every video we watch or every photo we upload online; it is all part of a process in which data is being transferred and stored. However, data is by no means limited to our social lives. For every company, with every email or service provided; there will be a big part that data plays. So what are the risks of poor quality data?
Well in your social life they are quite minor in comparison to the business world. To err is human, thus, some repercussions of data mismanagement may have disastrous effects. Data entry jobs are rising with the amount of data transference and management in the current age we live in, which therefore creates more poor quality data. But, of course, to combat poor data there are also data quality analysts who essentially check and 'clean' poor data. There have been many cases of poor quality data that have had major effects. From cutting the supply of products to certain countries to incorrect payments of invoices, data mismanagement causes disruptions day-to-day.
The amount of data is increasing day-by-day and, as expected, there will be mistakes. Despite peoples best efforts to manage data, to clean data and do ensure its quality, there are still plenty of mishaps that may have unfortunate consequences. Data needs to be:
Without these four concepts, your data will be at risk of costly mistakes. According to the 2019 Global Data Management Benchmark Report
, the main causes of current customer/prospect data inaccuracy are:
- Human Error - This accounts for 50% of mistakes.
- Too many Data Sources - 39%.
- Lack of Dep. Comms - 31%.
- Inadequate Data Strategy - 30%.
- Current Relevant Tech - 26%.
According to this report from Experian, these are the 5 biggest contributors to a lack of data accuracy in 2018. In 2016, the research found that poor data cost the US economy alone $3.1 trillion
. Furthermore, it is estimated that Data Analysts waste 50%
of their time correcting mistakes and cleaning data from sources they don`t trust. Big-data companies, every day, work to analyse and improve operations; however, with the repercussions of poor quality data, the possibilities of utilising it are bleak. The risks do not stop at big-data companies, wherein organisations believe, on average, that 29%
of their current customer/prospect data is inaccurate, enforcing this lack of trust and time-wasting efforts. It is evident that data mismanagement is a problem that has risen parallel to the growth of technology, yet this has also paved the way forward for newer day-to-day issues throughout the business landscape.
The Difficulty of Data
Furthermore, in addition to poor quality data, there are certain procedures that can make it difficult to attain the necessary data for you or your company. For example, within the Middle East, especially the U.A.E, there is a huge free-zone company presence, adhering to alternative jurisdictions other than the situated company. This has created major issues for many businesses across the globe, the difficulty of drawing data, verifying clients and verifying compliance. Free-zone jurisdictions prove to be some of the most difficult access points to attain information from and require a team of dedicated and experienced professionals to gather the correct data, similar to offshore jurisdictions in other countries. Thus, data mismanagement is also aligned with data-barricades such as those from free-zone companies. Within the credit industry there have been many examples of where data from particular regions, especially the Middle East, has been difficult to source. The issue of free-zone restrictions may prove to be highly problematic for you and your company. It is important that, when dealing with scarce data, you either research or hire (preferably) a dedicated team who have the know-how and expertise to excavate the data that you wish to find. If not, you may end up with wrong data and this may have fundamental drawbacks on your business and your reputation. Data is such a fragile concept that even registries and local authorities, who hold public data, can often make mistakes in their data entries, especially where translation is involved at the point of registration.
Data Experts - Cedar Rose
With over 20 years of experience, Cedar Rose has learned the required techniques to know how to produce high quality, correctly translated and source graded data. Data, on the surface, is the same for everyone, yet when correctly and expertly managed, data can be utilised in many ways. It can be used for analytical reasons; it can be sold to those who do not have the resources or experience to collect data and many other ways that it can be utilised. Additionally, Cedar Rose has been in operation within the hardest of regions, the Middle East and North Africa, across all of our years of experience. Our teams have learnt the necessary procedures of how to gather data, how to organise it and how to present it to our clients in standard, internationally acceptable formats to become the highest quality necessary. Cedar Rose effectively has data on over 12 million companies and 23 million individuals, translated and transliterated for our client`s best interests. Everything we have and more is available on our database and accessible from one single access point. Data we hold can be viewed and downloaded, and fresh investigations can be ordered via our database, CRiS. We offer 5 different levels of subscriptions to CRiS, in which you can access, analyse and utilise. The highest level â€“ Directorship & Shareholding - includes full link analysis within our database, which displays different connections between companies and individuals, this exclusive feature can help your company strategically plan and assess for the future as well as tracing ultimate beneficiary owners (UBOs).
*** The sole purpose of the article above is to generate public discussion, it has no intention to constitute legal advice. ***