- Data is any information used to inform your business decisions.
- Data must be accurate to ensure appropriate decision making.
- Companies can use the four ideas below to help ensure data integrity.
- Numerous resources and programs are available to assist with the appropriate management of data.
Everyone is bombarded by data daily. But data is also crucial to the effective operation of any business.
What is data?
Data can refer to the following:
- Information gathered for referrals or analysis.
- Information that informs thinking and decision-making processes.
For instance, business data could include the number of products a company sold in its northern region in the first business quarter. These numbers can help leaders in your organization make future business decisions.
Why is data (and its integrity) so important?
Data integrity refers to the quality and reliability of data, including the preservation, precision and consistency of data. When the information at hand is reliable, business owners and executives can make suitable choices, which contributes to the overall success of the business.
In fact, the best everyday decisions are made using real-time data. This lets you have a pulse on your business’s efficiency in the marketplace and on the performance of your competition.
But many business managers are concerned about the quality of their organizations’ data. According to a study from KPMG, only about 35% of executives reported a high level of trust in their business data. When asked why they don’t trust the data, more than 60% of C-suite executives blamed technology or automated processes. And more than 90% of the executives surveyed said bad data could negatively impact branding and reputation.
How to ensure data integrity
Now that you understand why data integrity is so valuable for companies, it’s time to learn how to achieve it. When stakeholders and