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With the advent of data-spitting technologies, the opportunities to collect information from within and outside the organization grow tremendously. From edge sensors and social media platforms to customer relationship management (CRM) and enterprise resource planning (ERP) software—every file is generated in different formats wherein each data stream is unique. The integrity of data used for business decisions, thus, becomes doubtful.
A majority of organizations are grappling with the problem of leveraging the existing data to drive business forward and it has to with complex data quality challenges. Poor data quality not only risks collective efforts of all departments, but it is also highly detrimental for the new initiatives as well. For instance, according to Gartner Data and Analytics Summit, through 2025, approximately 30% of GenAI projects will be dumped after proof of concept due to poor data quality.
The reasons for gaps in data integrity are diverse—from abnormalities in terms of formatting and storage, poor acquisition methodologies to duplicates or incomplete records—everything under the sun has an impact on data. High quality datasets translate into highly accurate outcomes of various research projects, highly reliable reporting and improved business insights, greater success rates of AI/ML projects, highly optimized operations, and better customer experience, with the cumulative result of improved topline. This highlights the importance of the enterprise data cleansing services.
Data Cleansing Solutions—An Essential Business Mandate
Data-driven insights have been used as the major source of competitive differentiation for organizations. With COVID-19 gripping again, businesses are leveraging data-based insights to cope with the pandemic fallout. They are working on discerning new sources of growth while securing the company’s financial footing. This can be done efficiently when the data is clean and of assured quality.
Mentioned here are some of the industries where data cleaning plays a vital role:
1. Healthcare
Take the case in point: An organization comprising nearly 90 hospitals is committed to becoming the community resource to create insights, knowledge, and data repository for the continuous improvement of healthcare in their area. To achieve this vision, the healthcare organization begins collecting information from its patients and records it into a regional database. Through this collected data, the foundation can easily identify, and address disparities related to health, diseases, gender, age, etc.- and transform this information into knowledge that can be put to use for the betterment of health programs in the community.
With good quality and clean and validated data, this organization can make accurate analyses as well as offer evidence-based support to community programs, regional health partnerships, and various public health committees. This knowledge consequently translates into greater cost optimization, enhanced operational efficiencies, and reduced risks in healthcare.
By collaborating with healthcare data cleaning services provider, healthcare industry players including healthcare providers, health insurers, pharmaceutical companies, medical device manufacturers, and healthcare IT vendors can leverage high-quality, reliable data to foster innovation while improving the overall quality of care.
2. Manufacturing & Logistics
The companies dealing in the manufacturing and logistics vertical acknowledge the fact that inventory valuations depend on accurate data. Any type of anomalies, inconsistencies, or inaccuracies in the datasets can lead to delivery issues and an unsatisfied customer experience. Apart from this, configuring production machines and robots based on the low-quality data leads to inefficient outcomes. Besides several manufacturing and logistics firms deploy CRM and ERP solutions to run their front end and back-end operations. With these solutions relying heavily on data, maintaining data accuracy, integrity, and reliability becomes paramount. data accuracy, integrity, and reliability becomes paramount. However, associating with a reputed ERP data cleansing company can help them efficiently streamline their processes, enhance bottom-line operations as well as gain big wins in productivity and profitability.
3. Banks & Financial Institutions
Incomplete or inaccurate sensitive data leads to regulatory breaches, sub-optimal trade strategies, and delayed decisions due to manual checks. Moreover, banking and financial institutions usually deploy CRM platforms like Salesforce for sales enablement, customer support services, and streamlined operations. Ingestion of poor data through such CRMs results in inaccurate insights, which can create a highly detrimental impact. Clean data translates into better customer onboarding experiences, increased profitability through accurate product consideration for more up-sell and cross-sell opportunities and efficient operations for the banks and financial institutions. Not only do they gain confidence in their reports generated, but also get assured that their decision-making is supported by accurate information. They can easily stay compliant with the different data-related laws such as GDPR, CCPA, ADA, FCRA, etc.
Wrapping Up
The benefits of data cleansing solutions are numerous for every business, irrespective of the industry verticals they deal in, and these are just a few examples. Data cleansing solutions enable organizations to get hygienic data without trading its integrity. They can significantly optimize operational costs without jeopardizing the company’s growth. All that needs to be done is find the right enterprise data cleansing service provider!
