The Importance of AI and ML in Data Quality

In this digital era of information technology and communication, the expanding channels bring both opportunities and challenges. It’s very easy to acquire customer’s data which can help you to design effective marketing campaigns, personalized efforts and fundraising efforts. This will increases the chances of the business succeeding if the data acquired is accurate.

We are a dedicated WordPress development agency along with market place development as well. However, there are many data entry points where both on the company and customer-end which increases the chance of inaccurate organizational database. If there are no strategies to prevent inaccurate data entry from database, marketing campaigns, efforts awareness and other outreaches to user may not be effective.

What is Data Quality?

Data quality means an assessment of data’s fitness to fulfill its purpose. Simply put, data is said to be high quality if it satisfied with the requirements of its intended purpose. The quality of the data can be measure by six dimensions.

6 Dimensions of data quality:

Completeness:
The intended comprehensiveness of data is known as data completeness. If the data satisfies the expected expectations, it is deemed complete.

Consistency:
When all of the systems in an organization reflect the same information, it is considered to be consistent data.

Accuracy:
The degree to which data accurately reflects the event in question or the ‘real world’ object is referred to as data accuracy.

Timelessness:
It says that data is available when it is required.

Validity:
Validity means data is valid if it conforms to type, format and range of its definition.

Uniqueness:
Uniqueness means every data entry is one of its kind.

Why is Data Quality Important?

Decision Making:
When the quality of the data is extremely high, its users have high confidence in the outputs. As we know that there is one famous sentence ‘garbage in, garbage out’ it is true as is its inverse. The outcomes are trustworthy when quality is recorded and used, which reduces risks and guesswork in decision-making.

Productivity:
Productivity is boosted by high quality. Workers are spending more time on working towards their primary mission instead of spending time validating and fixing data errors.

Effective Marketing:
High quality of data is increasing marketing effectiveness. Accurate data enables for more precise targeting and messaging, and businesses are more likely to achieve their goals.

Compliance:
Maintaining high-quality data allows businesses to easily assure compliance and avoid potentially large fines for non-compliance. This is in particular industries where regulations govern trade with customers such as finance industry.

New and Smarter Way – Use of AI and ML powered MDM Platforms Data Quality

Every organization has an importance of data and its contribution to its success. In this era of big data, cloud computing, and artificial intelligence, the situation is even worse. If a company’s data is of poor quality, no amount of meaningful analytics can help. How AI, ML and master data management can work together is a famous topic in the MDM realm. MDM platforms are incorporating of AI and ML has capabilities to improve accuracy, consistency, manageability among others.

Automatic data capture:
The research was done by Gartner according to that $14.2 million are lost annually as a result of poor data capture. Aside from data prediction, AI helps to improve data quality by automating the process of data entry through implementing intelligent capture. This will ensured that all the necessary information is captured and there are no gap remaining into the system.
Without the intervention of manual activities AI can grab the data. If the most critical details are automatically captured, workers can forget about admin work and it will put more emphasis on the customer.

Identify duplicate records:
Duplicate entries of data can lead to outdated records that result is in bad quality. AI can be used to eliminate duplicate records in an organizations database and keep precise golden keys into the database Without the use of sophisticated techniques, identifying and removing repeated entries in a large company’s repository is challenging. Intelligent technologies can detect and remove duplicate keys which can help the organization combat.

One of the best examples of AI is in Sales Force CRM. It has an intelligent functionality which is powered by default to ensure contacts, leads and business accounts are clean and free from duplicate entries.

Detect Anomalies:
A small human mistake can affect the utility and the quality of data in a CRM. An AI enabled system can remove defects in the system. Data quality can also be improved with the implementation of machine learning-based anomaly.

Third-party data inclusion:
AI can increase data quality by adding to it, in addition to correcting and maintaining data integrity. By offering better and more complete data, third-party organizations and governmental units can considerably improve the quality of the management system and MDM platforms, it allows more precise decision-making. AI can make the suggestions on what to fetch from a particular set of data and the building connections in the data. When a company is having so many details and clean data at one place, it has higher chances of making informed decisions.

Endnote:
Artificial Intelligence and Machine Learning can change the present and future business world. Businesses that use AI are improving their prediction duties, such as determining diverse clients’ preferences. The result will be based on the information fed to the system. So it’s clear that this new development will affect so many industrial sectors such as banking stock market, E-Commerce, Learning, Health Care, Manufacturing and many more.

Conclusion:

This is all about “The Importance of AI and ML in Data Quality” If you are looking for the best IT Company than you are at the right place. Contact our highly skilled team and dedicated professionals. We at JHK InfoTech believe to serve the best as Web-Development Company in India.