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Data analysis: ensure quality data by using software

Data analysis: ensure quality data by using software

A successful company must follow a strategy based on data analysis that allows the performance of scenario projections, such as market projections and future profits. However, before initiating this process, it is important to assess the veracity of the information to avoid errors and losses.

In order for the decision-making process of your company to be carried out assertively, the assessment of the so-called quality data is critical. The big question is: how to carry out this assessment? Aiming to clarify questions in this respect, we’ve prepared this content with precise guidelines.

Keep reading and discover how to access secure, quality data that is ideal to support your company’s decision-making process!

What are quality data?

A quality data is secure and can be used in creating strategies for the company. Its reliability can be analyzed by the application of some “filters”, such as their origin and form of assessment, registration and manipulation.

The analysis of these aspects allows the entire information history to be evaluated. As a result, possible failures and inconsistencies can be viewed and used to eliminate data that does not meet the security requirements. Therefore, a quality data is one that does not present any incoherence that threatens its integrity.

What is its importance to the company?

A well-done job should be developed based on clear, accurate information-driven procedures. For this reason, quality data analysis is essential in several business processes. Learn about some of those below.

Development of strategies

In an increasingly competitive marketplace, a company’s success is directly connected with its ability to identify and adapt to new trends. Businesses with poor performance in this area tend to lose customers and their position in the market.

Despite the real need for data analysis in search for indicators on the market, if the procedure is based on flawed information, evaluation errors can occur, which can result in major losses. For this reason, it is not an exaggeration to say that the quality data assessment is essential for the development of effective strategies.

Another important point is that an efficient management should consider the situation in which the company is in order to define an appropriate strategy of action. The lack of care in this respect allows for serious mistakes, which can affect the company’s cash, to be made. Therefore, the data concerning the company’s situation must also have high quality.

Customer Relationship

The interaction between the customer and the company generates a series of important data. Details such as the time spent on the company website, the pages and products that the consumer accesses, and even the events during sales closing, create accurate data about their preferences.

Based on this information, the company is able to optimize its products and service, with the purpose of improving its services and increasing the number of sales. However, for this process to actually be productive, it must be done based on the analysis of secure data.

Using incorrect information can lead to the adoption of measures that displease customers, which can affect the company’s image and reduce its sales. It is important to remember that consumers are one of the greatest assets of any business. They are responsible for generating the enterprise’s cash flow and providing valuable data. Therefore, it is essential to have a good analysis strategy in order to extract as much of the information as possible.

Decision-making

For a manager who needs to make important decisions about the company every day, relying on a secure source of information is very important. From quality data, they can evaluate all scenarios and follow the most promising path for the future of the company.
The problem is that, if this source of information is corrupted by tampered data, management decisions will be made based on incorrect parameters. This situation could even lead to the company’s bankruptcy. In addition, several opportunities may be missed because the company is being guided by unreliable data.

Thus, the strategies end up not being the most suitable for the business and only generate more cash burn and unnecessary expenses. Relevant and consolidated data allows the company to have a broader view that is, at the same time, aligned with its operational reality.

How can software help in the assessment of quality data?

Using software is an excellent solution to ensure that the company’s decision-making is carried out based on secure information. Here are some key benefits of using it.

More efficient data assessment

When technology is overlooked and the data assessment is made manually, the process becomes much slower and more costly. This is because the number of information generated by the company’s operation is very high and human capacity is limited.

However, if your company uses a quality ERP system that receives in real time all the information generated, the manager can understand the data quickly and intuitively, which ensures greater efficiency in the decision-making process.

Error reduction

However detailed and careful your employees are, the manual assessment of a huge amount of information is subject to the incidence of errors.

An ERP system, in turn, is able to verify, record, and modify the data in real time without leaving aside any information, which makes the data highly reliable.

Increased productivity

As the information is assessed at high speed, with greater accuracy and security, the manager and their team can make strategic decisions in short periods without exposing the company to risks. As a result, the processes and procedures of the company tend to be faster and more efficient, which has a positive impact on its productivity and results. Therefore, it is no exaggeration to say that ERP software has the potential to make companies more profitable.

In an increasingly competitive scenario, keeping a company well-positioned is increasingly dependent on data and information management. If it is not well-done, the company tends to suffer losses and lose customers. Therefore, the use of quality software is essential in this process.

So, did you like this post? Do you want to have access to an efficient and secure cost management system, developed to perform efficient data analysis in your company and facilitate strategic decisions on cost, profitability and performance? Then contact us and learn about the MyABCM solution!

What is the importance of data analysis?

Data are considered the oil of the 21st century. This statement is due to the fact that the interpretation of information and its strategic use can generate a wide range of positive results. Do you want to understand more about how this works in practice?

Several e-commerce companies map a customer’s purchase information. Imagine that a particular consumer visits the website and searches for men’s sneakers. However, they do not purchase it on the first contact. From this, the company starts to serve targeted ads (remarketing) so that the customer returns to the website and completes their purchase.

With the purchase of the product, the e-commerce company can also create new sales strategies with similar products, such as a set of socks. All of this reveals how data are a powerful selling, relationship and negotiation tool.

How to carry out data analysis efficiently?

Clearly defining the purpose or whether there are any questions to be answered are points that cannot be forgotten in a good data analysis project. If the purpose is to solve a problem or a certain issue, a work plan focused on that matter should be carried out.

Understanding what is being sought / assessed is very important for those who want to achieve good results. Having good monitoring indicators is very helpful, as they provide clarity in the execution. Another very valid tip is about the quantitative and qualitative aspects of the information.

Quantitative data tends to be more objective and correlated with numbers. Qualitative data, on the other hand, involve comments, evaluations and opinions. It is necessary to know how to differentiate each one so that there is clarity in the work of enriching and manipulating data.

Lastly, another interesting strategy is about streamlining processes with automation tools. That is, with a large volume of information, it is necessary to deploy software in order to streamline tasks that would be done manually. Focusing on reliable sources that offer agility also helps a lot.

How important is software in the process?

As mentioned above, software is an indispensable tool for those who need to analyze higher volumes, but without losing quality in the process. Manual work tends to burden the activity and ends up generating operational inefficiencies. Technology has already revolutionized several industries and sectors, and data analysis is included in this process.

The rise of Big Data and tools to feed and segment information are programs that are customizable to the reality of any business, be it a multinational or a small company.

Throughout the article, you were able to understand and learn a little more about data analysis and how this factor is the future in business strategies. Every business should look for tools and ways to improve its analytics operations in order to grow exponentially and gain even more market. Share this post on your social media so that your friends can also have access to this content. Don’t waste any more time!