Characteristics of Valuable Data
- Analyze the current financial state of the organization in terms of net profits, revenues, cash flow, assets, and liabilities
- Increase revenues through better targeting of products and increased customer satisfaction
- Examine existing production processes to take corrective action, improve efficiency, and lower costs
- Develop new, automated processes that integrate harmoniously into existing workflows and reduce demands on labor
- Gather competitive information on product and pricing decisions to stay ahead of competitors
- Make evidence-based decisions that utilize verifiable data to maximize profits and efficiency
- Understand business value by exploiting rapid changes in information
data hygiene refers to the processes of ensuring the cleanliness of data (i.e., that the data is relatively error-free).
Types of bad data
- Duplicate data
- Conflicting data
- Incomplete data
- Invalid data
- Unsynchronized data
Quality data attributes
- Precision: how precise the data is in the context of its intended use
- Quality: valid when it meets the requirements of the data collection process
- Reliable: consistent values everywhere it is stored