Business owners are busy managing schedules and overseeing their budgets, so what do they need with data? Once they have it in hand, why should they be worried about its integrity and accuracy?
Business owners in the franchise market have a lot on their plates, but the right information can be the difference between end-of-business decisions and multi-chain franchises.
Compare your data to see if what you’re doing today could negatively affect your business tomorrow.
What is Data Integrity and Accuracy?
Data integrity and accuracy refer to the quality of information you’re using to make decisions. Data’s sole purpose is to offer insight so you can improve business decisions on a broader scale. Low-quality data doesn’t have integrity or accuracy. Higher quality data is reliable and trustworthy. Quality, therefore, is more important than quantity.
Why Should Business Owners Care About It?
Put simply, you should care about data integrity because it affects your business outcomes. These are just a few ways it does this.
Performance Management
Staying ahead of the competition requires that you understand what they’re doing right. To do that you need their data. You’ll also need internal data that accurately shows where you are and what you’re doing wrong. Depending on your goals, data could reveal you’re starkly behind the competition and show you where adjustments can be made to increase your reach.
Customer Satisfaction
Accurate data informs you of how customers feel about their experience with your business. Businesses like Wayback Burgers and Chick-fil-A offer surveys for customers because they want data only customers can provide. This invaluable information incentivizes honesty and generates accurate information about customer satisfaction. The more satisfied your customers are, the better your brand will do in any market, but if you don’t know there’s a problem you can’t fix it.
Bad Data = Bad Decisions
If using inaccurate or unreliable data to make complex decisions, managers can spin any company in the wrong direction. Crystal-clear, accurate information should be properly governed and vetted before being used to make business-altering decisions.
IT departments should be equipped with high-quality tools to thoroughly review each piece of data available. Doing so could save your company from treacherous decisions and time wasters.
