1. How important are accurate data for on-line businesses?
Accuracy of data is very important for on-line businesses because if the data is at risk it is difficult to manage or handle .The data should be accurate, complete, easily accessible, consistent and relevant as all these characteristics of data promote revenues for the businesses. For example in the case of Media Tech Direct Works it uses the customer contact information i.e. addresses, phone numbers and e-mail addresses to establish points of contacts with its customers and these links has provide sales opportunities and profits for the company. 2. Is technology sufficient to guarantee that data errors will not occur? If not, then what other factors should a business need to consider?
Technology helps the organizations to manage their data but it is not sufficient to guarantee that the data errors will not occur because the data degrades over the period of time. In the case of Media Tech they faced the same problem, the customer data was degrading as it was incomplete or obsolete. The factors that a business need to consider is data –scanning and data –matching, with this system the company would be able to identify redundant, fragmented and incorrect data and clean them from the data warehouse. 3. Provide examples of cost savings that can be achieved by reducing data errors?
An example of cost saving that can be achieved by reducing data errors is that a business can save more than $250,000 annually by just reconciling the data on a single file