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Data Veracity, Bigger Threat than Volume, Velocity & Variety

Posted by on August 28th, 2018

Data Veracity, Bigger Threat than Volume, Velocity & Variety

Organizations across the globe are turning to data to form strategies and drive organizational growth, more than ever in last three decades. The kind of data explosion we are witnessing today is not likely to loosen up anytime soon, as businesses have entered the race of adopting data dependent technologies such as augmented and virtual reality, the blockchain, artificial intelligence, and Robotic Process Automation (RPA).

Businesses are apt at investing in, and embracing advanced technologies. But are they really aware of the damage that data veracity in form of inaccurate data, or data with biases, noise and abnormality can do to the investments they make? Incorrect data has the potential to compromise the insights that companies trust on to accelerate organizational performance and growth.

Data veracity, a bigger threat

Of the 5 Vs of data; Velocity with which data is generated and the Volume of that data in Petabytes is assessed and managed up to some extent. The value that businesses can derive from that data is also now known to one and all. The most common addition to databases regularly is in form of structured – texts, tweets, pictures & videos, but unstructured data like emails, voicemails, hand-written text, ECG reading, audio recordings etc., are major elements under Variety.

Enterprises are required to study structured, semi- structured and unstructured data sets to make meaningful business decisions like determining customer sentiments, and personalizing the offerings for their customers. Cleansing large, disparate sets of unstructured data, helps in analyzing those datasets to identify connections from unrelated data sources and find patterns; and is extremely effective in discovering trends.

The increasing variety of data makes it important for businesses to address Data Veracity at the earliest. But most of the businesses are not in control of situation when it comes to data veracity. Organizations are gladly investing their time & dollars, and basing their systems and strategies on data – but a very few of them think about investing in the capabilities to verify the sanctity of their data. Companies fail to understand that data and analytics benefit only if data veracity challenge is addressed at the earliest. Expert data management solution providers by their side, will works as an added advantage.

Three rules to address veracity & build confidence

  • Verify the source of origin & the history of data across the lifecycle
  • Consider the environment & perspective of using the data
  • Holistic data management for integrity

Enterprises can seamlessly adhere to all three rules by outsourcing data science responsibilities to a data intelligence group like us. Primarily we provide data cleansing activity to address data veracity issues of our clients and take care of de-duplication to eliminate redundant information and reduce storage overheads. Considering the nature of data, in last two decades more than 5000 of our clients including Fortune 1000 companies, showed confidence that their data was safe with Hitech BPO, one of the best data cleansing service provider possessing the compliance and ISO-027001 accreditation.

How do we do it?

We are experienced in delivering specialized data cleansing services for improving your enterprise data quality across file formats and databases, may it be online or offline and even digital. Our data cleansing professionals are hands-on at improving social media data, CRM data, POS, and Omni-channel data for the retail industry.

Our data cleansing experts format, classify, modify, replace, organize, delete and correct, data collected from multiple sources. We also take care of data irregularities by updating historic and siloed data, conducting referential data integrity checks, organizing customer mailing lists, hence addressing data veracity to create a pool of effective data. Our cleansing teams first identify, then correct and remove “unclean data” comprising of corrupt, inaccurate and inconsistent data(example postal or email address data cleansing). We cleanse data with a motive to eliminate poor quality data and ensure that our clients make strategic decisions based on consistent & accurate information.

We recently assisted a leading financial data aggregator, address veracity in their business data. We successfully verified 28K records with more than 80 data fields collected from across multiple data sources. Our business data verification services, as part of our data cleansing solution, helped them in developing customer-centric investment portfolios, to be sold to government agencies for Foreign Direct Investment (FDI).

Final word

Enterprises are becoming increasingly dependent on data; the data which comes in with its own share of challenges. Companies should responsibly use data which is accurate, relevant and secure. Without cleansing the data, addressing veracity is a challenge, and bigger would be the challenge to approach and secure the trust of consumers with help of dirty data. Act now. Partner with a data cleansing service provider and stay compliant to data protection act.

Chirag Shivalker

About Author: heads the digital content for Hi-Tech BPO, an India based firm recognized for the leadership and ability to execute innovative approaches to data management. Hi-Tech delivers data solutions for all the aspects of enterprise data management; right from data collection to processing, reporting environments, and integrated analytics solutions.

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