With the advent of data-spitting technologies, the opportunities to collect information from within and outside the organization grow tremendously. From edge sensors and social media platforms to customer relationship management (CRM) and enterprise resource planning (ERP) software—every file is generated in different formats wherein each data stream is unique. The integrity of data used for business decisions, thus, becomes doubtful.
A majority of organizations are grappling with data quality challenges. An IBM study states that poor quality data costs 3.1 trillion dollars per year in the US alone. It erodes a whopping 12% of the company’s revenue on average.
The reasons for gaps in data integrity are diverse—from abnormalities in terms of formatting and storage, poor acquisition methodologies to duplicates or incomplete records—everything under the sun has an impact on data. This highlights the importance of the data cleansing process for companies.
Data Cleansing—An Essential Business Mandate
Data-driven insights have been used as the major source of competitive differentiation for organizations. With COVID-19 gripping again, businesses are leveraging data-based insights to cope with the pandemic fallout. They are working on discerning new sources of growth while securing the company’s financial footing. This can be done efficiently when the data is clean and of assured quality.
Mentioned here are some of the industries where data cleaning plays a vital role:
Take the case in point: An organization comprising nearly 90 hospitals is committed to becoming the community resource to create insights, knowledge, and wisdom for the continuous improvement of healthcare in their area. To achieve this vision, the organization begins collecting information from its members and records it into a regional database. Through this collected data, the foundation can easily identify and address disparities related to health, diseases, gender, age, etc.—and transform this information into knowledge that can be put to use for the betterment of health programs in the community.
With good quality and clean data, this organization can make accurate analyses as well as offer evidence-based support to community programs, regional health partnerships, and various public health committees. This knowledge consequently translates into greater cost optimization, enhanced operational efficiencies, and reduced risks in healthcare.
Owing to the current pandemic landscape, governments, healthcare workers, and institutions are incorporating data-driven insights to make out of this situation and save people’s lives. Many providers are also refining their ACA readiness strategies to enhance the services offerings. Collaborating with reliable data cleansing and migration companies acts as an enabler in their quest of getting quality data without trading off its integrity. They leverage data quality tools that are HIPPA and FISMA compliant.
2. Manufacturing & Logistics
The companies dealing in the manufacturing and logistics vertical acknowledge the fact that inventory valuations depend on accurate data. Any type of anomalies, inconsistencies, or inaccuracies in the datasets can lead to delivery issues and an unsatisfied customer experience. Apart from this, configuring production machines and robots based on the low-quality data leads to inefficient outcomes. However, associating with a reputed data cleansing company can help them efficiently streamline their processes, enhance bottom-line operations as well as gain big wins in productivity and profitability.
3. Banks & Financial Institutions
Incomplete or inaccurate data leads to regulatory breaches, sub-optimal trade strategies, and delayed decisions due to manual checks. Clean data translates into increased profitability and effective business for the banks and financial institutions. Not only do they gain confidence in their reports generated, but also get assured that their decision-making is supported by accurate information. They can easily stay compliant with the different data-related laws such as GDPR, CCPA, ADA, FCRA, etc.
The benefits of the data cleansing process are numerous for every business, irrespective of the industry verticals they deal in and these were just a few examples. Data cleansing services enables organizations to get hygienic data without trading its integrity. They can significantly optimize operational costs without jeopardizing the company’s growth. All that needs to be done is find the right data cleansing service provider!