The importance of data accuracy

We discuss what data accuracy is and give some of the reasons why having accurate data is so important.

Shark Finesse
February 6, 2024

Data has become one of the most important aspects of any business in today’s society. With data being the key to generating marketing strategies, supply chain operations, and lots more within a business, the importance of this data being accurate is essential. We discuss what data accuracy is and give some of the reasons why having accurate data is so important.

What is data accuracy?

Data accuracy can be described as a measure of how closely the information recorded represents the object or event that is being measured. The more closely this is recorded, the more accurate the data. Accurate data should reflect the reality of something, and this data should be error-free. Ensuring your business is obtaining accurate data is essential as this data will be used in many business operations including forecasting, planning, and budgeting.

Below, we discuss some of the reasons why ensuring your business’s data accuracy is so important.

Improves your productivity:

One of the most important benefits of ensuring your business is recording data accurately is that it improves the productivity of your employees. If the data recorded is as accurate as possible, your employees will not have to keep going back to find and correct the inputted data. This will lead to your employees being able to focus their time and energy on other aspects of the business to improve their overall productivity.

Benefits your business’s marketing strategies:

Inputting the most accurate data relating to your business’s customers is extremely beneficial for your marketing teams. Having accurate data ensures that the marketing team knows exactly the audience to target in their campaigns, saving them time and money gathering this data themselves or correcting inaccurate data. As well as this, accurate data can also help to keep your customers engaged by providing the most accurate insights to help marketing teams create the best content to suit the businesses specific audience.

Helps businesses save money and time:

Errors in a company's data repository can significantly impact both costs and time within the business. This is primarily because if inaccurate data is recorded and not identified promptly, it can have a profound ripple effect on the entire dataset under collection. Consequently, resources must be allocated to rectify the initial data input error, requiring both time and financial investment. Additionally, efforts are needed to address potential inaccuracies in other data entities resulting from the original flawed data entry.

Improves brand credibility:

Ensuring data accuracy is crucial not only for maintaining but also enhancing your business's brand credibility. Accurate data contributes to a more dependable and efficient company, enabling faster advancements compared to businesses with lower data accuracy. This, in turn, enhances your brand's credibility both within and outside the organization, ultimately contributing to overall business success.

What we do

At Shark Finesse we have developed an enterprise-grade cloud application to help businesses standardise and simplify their value engagements across the entire customer journey.

Shark, a business value engagement platform used by 1000’s of customer-facing teams globally (e.g. pre-sales, sales, value teams, and customer success) is easy to use, intuitive and usable directly with the customer to negotiate the likely business returns from investing in a solution.

By adopting the Shark approach you will fundamentally transform conversations with new and existing customers, close more business, and differentiate from the competition.