Accurate data has several beneficial impacts on organizations:Decision making: The better the data accuracy, the more confidence users will have in the outputs they produce, lowering risk in the outcomes and increasing efficiency. The old “garbage in, garbage out” adage is true, as is its inverse. And when outputs are reliable, guesswork and risk in decision-making can be mitigated.
Productivity: Good-quality data allows staff to be more productive. Instead of spending time validating and fixing data errors, they can focus on their core mission.
Compliance: In industries where regulations govern trade with certain customers, especially in finance, maintaining accurate data can be the difference between compliance and millions of dollars in fines. Compliance continues to be an ongoing focus as new regulations continue to evolve in regions around the world.