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Benefits of High-Quality Data in Business

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Benefits of High-Quality Data in Business

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Questions and Answers

What is the key to growth and success for any professional in any industry?

Avoiding data analysis

Ignoring data

Guessing without data

Understanding, digesting, analyzing, and filtering data (correct)

Why is it important for employees to correlate different levels, formats, and granularities of data?

To delay decision-making processes

To complicate decision-making

To avoid decisions

To make the best decisions possible (correct)

Which departmental managers need data to run their departments and make daily decisions?

Customer service, logistics, production, and procurement

Sales, marketing, human resources, and management (correct)

IT, finance, legal, and R&D

Public relations, quality assurance, facilities, and compliance

What does data granularity refer to?

The extent of detail within the data Signup and view all the answers

Why is it crucial for an organization to have the right data that can be turned into information?

To open up new perspectives and opportunities Signup and view all the answers

In what scenario might a company face challenges with data collection due to different forms of data from suppliers?

One supplier sends detailed data in a spreadsheet while another sends summary data in a Word document Signup and view all the answers

What is the primary purpose of transactional data?

Support daily operational tasks Signup and view all the answers

What insight can be gained by analyzing data with different levels, formats, and granularities?

New ways of reaching customers Signup and view all the answers

Why is it essential for organizations to capture and store transactional data?

To perform operational tasks Signup and view all the answers

Which type of data includes all the data within a single business process or unit of work?

Transactional data Signup and view all the answers

What kind of results can organizations expect by successfully analyzing data from multiple levels, formats, and granularities?

Potential new markets Signup and view all the answers

What is the primary trait that helps determine the value of data according to Figure 6.2?

Data accuracy and completeness Signup and view all the answers