Essay on Qualitative And Quantitative And Qualitative Data

735 Words Oct 9th, 2014 3 Pages
Data is a collection of facts such as values or measurements. There are two sorts: qualitative and quantitative. Qualitative data is descriptive information whereas quantitative data is numerical information. Data are used in almost all aspects of companies and establishes the basis for decisions on operational and strategic levels. Therefore, poor data quality can have an adverse effect on businesses in numerous ways. The ‘butterfly effect’ is the idea that a minor error can make a momentous change which in turn can produce disastrous results.

The three fundamental issues influenced by low quality data are: revenue loss, process inefficiencies and failure to comply with industry and government regulations. Revenue is the amount of money that a business has gotten within a particular time. Poor quality data has regularly influenced business capacities to reach clients, cross-sell, up-sell and needs/desires. Without correct data on clients, organisations cannot accomplish income objectives. Business processes which depend on data (e.g. ordering products, reports etc) can lead to inefficiencies caused by poor quality facts. These shortages bring about costly efforts to repair the facts in order to meet the requirements of several processes. Unreliable facts bring about wasted time and assets as industries are compelled to double check facts and figures before decisions are made. As a result, data is prevented from being shared by others within the business, resulting in poor…

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