How Does Bad Data Affect Your Business Decisions?
According to a Harvard business review, “Poor data quality is enemy number one to the widespread, profitable use of machine learning. The quality demands of machine learning are steep, and bad data can rear its ugly head twice both in the historical data used to train the predictive model and in the new data used by that model to make future decisions.” And like machine learning and AI, human intelligence can also be vulnerable to wrong decisions due to low quality data. As organizations strive to optimize their travel and expense management processes, monitoring data quality has emerged as a critical factor in achieving success.
To mitigate the risks associated with poor data quality, graspIQ offers robust data monitoring capabilities, ensuring high-quality travel and expense data as well as scoring and visualizing data quality. Let us show you why monitoring data quality matters and how it can significantly impact your organization's performance.
Enhanced Accuracy
graspIQ, utilizes advanced algorithms, rules, and data validation techniques to identify and rectify errors where it can. A key feature of graspIQ, is the scorecard which reflects in simple terms the true state of your organization's data and its quality. With graspIQ eliminating inaccuracies, organizations gain confidence in the integrity of data, in knowledge that they can go on to make more reliably informed decisions.
graspIQ maintains data quality using trusted out of the box rules, developed over decades by Grasp, as well as bespoke and specific rules which can reflect the needs of any organization. For example, if you are expecting a UDID or identifier to follow a certain format and always be mandatory, graspIQ will incorporate the rule as part of the evaluation criteria, allowing you to monitor, track and ensure your data reflects the needs of your business.
Improved Decision-Making:
With high-quality travel and expense data forming the foundation for meaningful analysis and decision-making, graspIQ enables organizations to trust the accuracy and completeness of data, empowering businesses to make data-driven decisions, confidently. By monitoring data quality, organizations gain insights into spending patterns, supplier performance, and employee behavior, inspiring businesses to optimize travel and expense strategies and achieve better financial outcomes.
Improved Decision Making
High-quality travel and expense data forms the foundation for meaningful analysis and decision-making. With our solution, you can trust the accuracy and completeness of your data, enabling you to make data-driven decisions confidently. By monitoring data quality, you gain insights into spending patterns, supplier performance, and employee behavior, empowering you to optimize your travel and expense strategies and achieve better financial outcomes. Your AI technologies are also set up for success with better quality data. You will be able to see at a glance, how well your data sources are providing quality data.
The graspIQ scorecard exists both at a high level and a more granular detail, depending on how detailed you want to look.
What’s graspIQ’s strategy to clean up poor data?
Measuring data quality is essential to track improvements and identify areas for further enhancement. Some of the key metrics graspIQ assesses include:
Data accuracy: Measure the percentage of accurate data in comparison to the total data set. This metric indicates how reliable the data is for decision-making purposes.
Data completeness: Measure the percentage of complete data in comparison to the expected data set. This metric determines how much information is missing and potentially impacting decision-making.
Data consistency: Measure the degree of consistency across data sets. Inconsistencies can lead to conflicting insights and hinder decision-making.
graspIQ enables you to apply cleaning techniques both automatically and manually. Ideally, it would be best to have the data source be updated with the corrected data but that isn’t always possible. TMC data from across the globe could mean delays in receiving the data or perhaps the underlying TMC has closed their accounting period and the data can not be corrected there and as a result the automated updates would not occur. graspIQ provides an interface so that you can update the data you use for analytics, AI, or reporting without impacting the underlying TMC data source.
Have confidence in your analysis and data you provide
With tools like graspIQ, you can feel confident knowing that your data is meeting and exceeding standards. Without a tool to provide awareness of travel data quality, you could be looking at data that will lead you to a bad business decision. graspIQ solves for that, whether it be your own data or data you are taking in from other data sources. Be confident that the data you are using is serving you well.
