Have your investments in data generated ROI? Do you have a data strategy? Are you performing quarterly data assessments? Have you ever completed a gap analysis?
The quality of a company’s data will have a direct impact on the performance of its people, process and technology. Maintaining the quality, timeliness, and completeness of a company’s data will often require working with external data suppliers.
The decision to buy data should only happen after a data assessment, gap analysis and cost benefit analysis have been completed…
The Data Assessment – is an iterative process that aligns to company’s data strategy and go to market plan, and involves:
- Identifying all data sources
- Reviewing the data collection procedures
- Interviewing those responsible for data and analysis
- Analyzing sample data for quality
- Setting segmentation based on personas
- Documenting business process
Data assessments provide qualitative and quantitative insights into data’s…
- Reliability – Data provides stable and consistent collection processes and analysis
- Validity – Data should clearly and adequately represent the intended result.
- Timeliness – Data should be available at a useful frequency, should be current, and should be
timely enough to influence management decision making.
- Precision – Data have…
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