What’s the business value of data accuracy?

Jay Reid, Blake Davis
What’s the business value of data accuracy?

Take a practical look at how data accuracy can help IT leaders make informed decisions to improve business impact and earnings.

Data affects nearly every aspect of an organization, from asset management and purchasing decisions to product updates and marketing campaigns.

Given the importance of data, information technology (IT) leaders must prioritize the quality and accuracy of their data. Data accuracy helps organizations rely on information, reports, processes, and tools, all of which can be used to inform critical and confident decision-making.

Bad data in the real world

Picture this common scenario: A company accumulates data for several years without any strategic data management or organization. When the IT leaders finally decide to prioritize asset management, they can’t find a configuration model database (CMDB) functional enough to sort through the accumulated duplicated data and configuration item records. It takes the organization an additional six to eight months to clean up its data – unlinking assets, completing hardware wipes – before it can even begin its initial project.

This type of outdated, disordered data can result in lost time, additional storage expenses, inaccurate reporting, and poor customer service. The good news is that data accuracy can help IT leaders make better decisions, implement stronger processes, and improve their bottom lines.

Our team is ready to help so you can tackle data accuracy and asset management with confidence.

Why is accurate data better data?

Data affects every department from security to human resources. Each department uses and relies on specific assets to function, and it’s important to understand and be able to demonstrate the value of each asset when making decisions.

The answer to the question, “Why is accurate data better data” might seem obvious: Accurate is just better. But the point is that accurate data gives IT leaders the ability to make informed and effective decisions that can help strengthen operations, output, and earnings.

Exploring hypothetical use cases can offer insights into the different ways in which data accuracy can improve business.

Operational efficiency

A well-maintained and well-documented infrastructure that includes reliable data allows organizations to automate and streamline processes that can lead to more efficient results, including fewer security incidents, increased recovery speed, strengthened communication, and stronger customer interactions.

Use case

A financial services company is undergoing an audit. Having accurate data readily available can help facilitate a faster, smoother, and less intimidating experience for the company itself and its internal audit team.

In another scenario, a company-provided device is stolen from an executive traveling overseas. With accurate reporting and appropriate automations put in place, the device can wipe itself clean of compromised data without incident.

Increased accountability

Accurate data allows for accurate ownership of inventory, processes, return on investment, and case resolution. The ability to identify who is responsible for what helps strengthen accountability, streamline resolutions, increase communication, and improve business impact.

Use case

A global consulting firm is identifying the best time to repair an overseas server. Knowing which servers function in which countries and time zones can significantly affect performance and user experience.

Organizational maturity

Data accuracy can also play into business innovation. It’s critical to understand the technical footprint at hand when new products or ideas are explored: If there’s a more efficient way to operate, data will make it clear. This information can help an organization scale more quickly and efficiently.

Use case

A software company captures client preference on asset performance, features, and more. Based on this feedback, the business can determine which products to develop and when to plan for launch.

Tighter compliance

Proper data storage can help organizations avoid fines and penalties tied to improper data handling and unmet record retention regulations that can drain time, resources and revenue and negatively affect reputation, too.

Use case

A payment card company houses personal identifiable data. If the appropriate controls are not put in place, the data will not be encrypted accurately and the asset disposal procedures will not be met. In the end, the organization could risk its credibility and customer base.

Improved financial impact

Data that informs good decisions can help lower costs, increase returns, strengthen partnerships, and improve reach – all of which can bolster profitability.

Use case

A telecommunications company has been paying to house outdated and duplicated data for years. Cleaner asset management can reduce data storage fees, significantly lowering operational expenses.

Stronger resilience

When incidents occur – for example, when a server shuts down or a tornado hits a company’s data center– data accuracy can help organizations determine where the issue started, what steps to take, and how quickly they might respond.

Use case

A security team identifies a compromised email. Accurate data allows the team to identify which device was compromised and map out a plan for increased security measures, enhanced training, and policy updates.

Up-to-date asset inventory

If a company doesn’t know its assets, it can’t foresee its risks. Accurate availability can keep customers happy, and asset degradation data can help keep purchase orders and production schedules up to date.

Use case

A metals manufacturer orders additional industrial hydraulic presses starting at $20,000 each. The problem is that only one additional press is needed, not several.

Out-of-date inventory can lead to overcapacity, unnecessary operating and maintenance costs, space constraints, financial strain, and reduced return on investment.

Enhanced customer experience

Accurate data can personalize the customer experience, support process automations, build customer service templates, inform product updates, supply resource hubs, and facilitate site improvements – all of which help enhance the experience for customers and customer service representatives.

Use case

A construction company wants to increase its geographic footprint. Accurate equipment loss and degradation data can inform its materials and vehicle purchasing decisions, expanding the company's reach and revenue potential.

When you understand your asset inventory, you understand your business.

IT leaders looking to leverage reliable data to make sharper, more informed decisions can turn to the ServiceNow® platform for solutions and to Crowe implementation specialists for support.

The ServiceNow platform enables organizations to monitor IT, security operations, and risk management from a single source to better manage their workforce and stay on top of output. As a ServiceNow Elite partner, Crowe knows how to help IT leaders get the most from their investments in this comprehensive and intuitive system.

Need more guidance?

Looking for extra support as you navigate IT workflows? Our experienced technology consultants are happy to help.
Jay Reid
Jay Reid
Principal, Consulting
Blake Davis