1. How important are accurate data for online businesses?
Accuracy of data is very critical when it comes to any organization as it could be more difficult to manage data when jeopardized. The requisite to acquiring strong information is that any data has to be of great quality. There are some characteristics that guide a useful data and these include the accuracy of the data, how complete it is, how accessible it is, how consistent it is, its timely manner, its relevancy and how concise the data itself is. Accurate data could also promote a business profit. Example is the case of Mediatech that uses a system involving customer contact via data shadow to establish point of contact with their customers. Accurate data helped in the company’s growth and success through sales opportunity and great revenue.
2. Is technology sufficient to guarantee that data errors will not occur? If not, then what other factors should a business need to consider? Technology is a great tool to help organizations in managing their data. These data are transformed into information and then knowledge which provides organization with a great competitive advantage. These technologies don’t really guarantee that data errors will not occur as managing data are becoming extremely difficult. Some of the many reasons are because data degrade over time; data are subject to data rot, etc. Company like Mediatech faced this problem of data error via degraded data (incomplete or obsolete data). The best factor a business need to consider is a high tech data scanning and data matching to their data warehouse just as Mediatech did. With this system, any fragmented, redundant and wrongly inputted data are easily detected then effaced from the data warehouse.
3. Provide examples of cost savings that can be achieved by reducing data errors. An example of cost saving via reducing data error can be more than $250,000 annually on a single file...