Commentary

Data Critical In Strategic Decisions

According to a new study, Data Quality in Digital Analytics by At Internet, reported by ClickZ, data is no longer simply factual information, it’s a vital element in an increasingly large number of strategic decisions.

Oxford Economics and SAP report that more than 55% of decision-makers worldwide use data to make strategic decisions. Companies have an ever-expanding collection of tools for collecting, processing, storing or analyzing this data in order to use it for different business applications.

  • 55% of companies worldwide use data to make decisions
  • 56% of executives say bad data quality results in lost sales opportunities
  • 51% say it wastes time and causes inefficiencies
  • 33% of CEOs say they trust their data

While data quantity is booming at an exponential pace, says the report, few decision-makers truly feel they can rely on the data they’re using every day. According to a 2016 study from KPMG (“CEO Outlook”), only 33% of CEOs say they trust their data. Though data is playing an increasingly strategic role, its quality remains a major problem for a broad majority of businesses.

For those who choose to make data quality a priority, says the report, trustworthy data is within reach. The question not only involves the choice of tools, but also involves the organization adopted within your company, as well as how you implement these tools and processes.

5 DIMENSIONS OF DATA QUALITY

ACCURACY  Does my data reflect reality over time? Can I trust the values being returned?

To be clear about what “Accuracy” really means, the more accurate a measurement is, the closer it is to the true value, not be confused with precision, a different but equally important notion which refers to the repeatability or reproducibility of a measurement

COMPLETENESS  Is data missing or corrupt?
Do I have all the data I need to make informed decisions; Are all pages of my site tagged; Are all screens of my mobile app tagged; Is all my data being collected as expected?

CLEANLINESS  Is my data error-free?

Are my data values readable and correctly formatted?

Not only must the collected data be complete and comprehensive... it must also be “clean” enough to be understood and actionable.

TIMELINESS  Is all data available when needed?

Does my data allow me to react in real time?

Though it’s fundamental to have data that’s accurate, complete and clean, other dimensions of data quality are undermined if the detailed data is not accessible at the right time.

CONSISTENCY  Is my data consistent across platforms?

Does my company have a reliable, accessible to all, “single point of truth”?

As companies look to collect and analyze data from several digital touch points, they often find themselves weighed down with a multiplying number of tools and systems... and the resulting fragmented, disparate data.


ATInternet,a major player in digital intelligence since 1996, helps companies measure their audience and optimize their digital performance across all channels. For additional information and the complete report, please visit here.

 

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