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Believing that the organizations are at distinctive stages which means that as the organization grows, the amount of data also grows. Now what is data? In the world of business, it is one of the most valuable asset as it helps in keeping your business in everyone’s mind along with the product/service you offer. Since the rapid changes within the data is no surprise, there must be a reliable data quality platform in order to guarantee the accuracy as well as the relevancy of stored information within the databases. For the success of any business strategy, maintaining accurate and relevant information is vital. Where some of the companies require proper facts and figures in order to establish a business case for the consolidation of data.
In the field of finance, banking, investment and economics, data plays an essential role. It is the same data that is required by businesses for the purpose of processing which further assist in running the business. These businesses are especially those that realizes the importance of quality data management.
“Businesses realize the importance of quality data management platform as it assists in enhancing the working quality of the organizations”
Importance of data cleansing platform
As the name defines data cleansing, it is considered as an initial step within the overall data processing. It includes everything from identifying, evaluating, correcting raw and messy data, and finally restore the cleansed data back again into it`s repository to block away any sort of replications .
“ Whenever an organization is willing to make any such strategic decision, it begins with the data cleansing process as reporting, quality analysis, strategic moves and introducing new products to the market are said to rest over clean data. “
“The traditional data cleansing process takes huge amount of time, resources consumption making it difficult comparatively to Saudi Arabia largest lender, Al-Ahli NCB trusted platform DNX ( Datability Ninety X) of KnowledgeNet. ”
Data cleansing which is also known as data scrubbing offers a boost to the consistency and reliability and therefore to the overall value of the organization. Data with misplaced entries, missing values and typographical errors is referred to as dirty data and have a lot of worst consequences.
“ According to Harvard Business Review, Bad data costs the financial industry 3 trillion dollars per year “
Where the data being used is cleaned, it has the following benefits;
Productive decision making
The quality of data plays a vital role as it holds the ability to make sound decisions and measure the efficiency of the strategies adopted. It is obvious that none of the company would prefer wasting their time in correcting the errors found within dirty data.
Competitive advantage over the others
Companies that use the data cleansing tools avail the benefit of getting complete insights regarding the needs of the customers as well as the on-going trend. Indeed the process can help in improving the customer experiences, generate faster response rate and a lot more quality leads.
Making use of clear data is not just beneficial for the external needs of the company, but it is also perfect for improvement in in-house productivity and efficiency. Making use of cleaned data plays a vital role in revealing the valuable insights. For instance, cleaning data from several HR documents can assist in quickly identifying employees with greater risk of attrition
Last but not least, whether you are a bank, a telco company, or large hospital, obtaining data you can trust and confidently transact on is an increasing challenge driven by the increasing number of business application in the organization. and here comes the desperate need for data quality/ data cleansing platform that best practice processes to sustain the quality of core data all the time, to be used for both operational and reporting needs.
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