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Data is a valuable asset

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Data is a valuable asset and provides business leaders unprecedented insights into their organisations. It offers numerous opportunities across all industries, from healthcare to manufacturing to financial services, to name only a few.

Most companies own loads of data and for it to be useful, it is imperative that they ensure that it is clean data. The potential of big data is rather elusive and still not highly prioritised. The truth is, due to legacy systems and accumulating of big and ‘dirty’ data, prioritising data projects can be seen as a long-winded and costly journey.

Khonology business development director Africa Nkosi says data cannot always be used as

Khonology business development director Africa Nkosi

it is and needs preparation in a way that it can be considered an asset. “However, this exercise can be a slow tedious manual process that shows no immediate value. The importance of data cleaning mustn’t be underestimated, it plays a significant role in the journey of better understanding customer behaviour and making calculated decisions.”

Nkosi says the first step in a data journey is cleaning the data. “It’s a procedure of correcting or removing inaccurate and corrupt data. This process is crucial and if not done correctly, can lead to many problems. It could lead to uninformed business decisions or affect client records and profiles.”

“More importantly, businesses could fail to take advantage of many opportunities or under service clients due to lack of a single client view,” he warns.

Better quality data impacts every activity that includes better decision making. A business that invests in enriching its data records by fixing outdated data can go a long way in unlocking opportunities.

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