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.
