Data is gold in our increasingly digitized world, much like the value of gold is only realized through the refinement process. Data must be refined to unlock its true value. Unrefined data can harm businesses, affecting their competitiveness and their ability to capitalize on opportunities. High-quality data, once refined, can be leveraged to enhance competitiveness, decision-making, and profitability. This is according to Co-Founder Director at Insight Consulting , Sean Taylor.
Taylor breaks it down
The rate at which data is collected and stored is unprecedented and will only continue to accelerate. Modern organizations rely on data to drive innovation, progress, and competitiveness, but the quality of data is paramount.
Data quality
Poor-quality data can significantly impair a businesss ability to make informed decisions, directly impacting performance through lost revenue, missed opportunities, potential reputational damage, and increased operational costs spent rectifying data errors. Moreover, poor data quality can lead to misguided strategic investment decisions. It is clear that businesses must prioritize high-quality data.
