Maria Jose Guerrero
Data quality is an important metric that combines the qualities a database must have to be useful for an eCommerce, online sales business, or any company. Within the data quality concept, ensuring that your data possesses various attributes will help ensure that subsequent analysis delivers meaningful results. Data quality can facilitate decision-making and help a business achieve its goals. An analysis of these attributes will conclude that a quality database accurately represents the real world. Quality data analysis matters in online commerce because high-quality data will help your pricing tool optimize sales and ensure you stay one step ahead of competitor and consumer movements. Let’s take an in-depth look at how to achieve quality data.
What attributes or qualities define data quality?
It is crucial to constantly cleanse, profile and filter data to ensure its quality, in pricing or any other sector. It is also vital that these large volumes of data meet several attributes or standards to ensure that they will be valuable to the business:
- Accuracy: Data must be accurate and error-free. An approximate value will not suffice. The goal should always be to increase data accuracy, even in light of increases in data volume. This means avoiding duplicate data or formats that may lead to errors.
- Consistency: Avoid contradictory information to generate a consistent database which will allow you to draw solid conclusions.
- Conformity: A database needs to maintain a standard format. It must be readable and user-friendly for everyone in the eCommerce or organization.
- Integrity: All records must be complete. It is crucial to identify missing and incomplete records and ensure the system acquires all necessary data if you want to improve data quality. Otherwise, data analysis may lead to conclusions that do not reflect reality.
- Timeliness: This involves recording data in near real-time or with minimal delays to ensure you can implement conclusions as soon as possible. With price monitoring, knowing your competitors’ prices a month after their offers go live will not help your sales strategy at all.
- Auditability: Access to any database should be simple and allow for constant auditing so that you can track changes and identify potential errors or gaps.
Once an eCommerce adopts the above qualities, it will be able to improve reporting and the efficiency of the operational procedures and processes. Pricing impacts the company’s profitability. Access to high-quality data will help ensure you always adjust your prices in line with market needs.
Given the complexity of handling Big Data, this entire process can be streamlined and refined by using pricing tools with systems to ensure quality data while simplifying viewing and reporting. These tools must have a high level of security.
Security of pricing data and why it matters
Security breaches represent one of the most significant risks for companies with a profiled and comprehensive database. The key to avoiding them is having software that applies high-security protocols and ensures secure data transfer, employing protocols and techniques that will help mitigate potential risks.
When it comes to pricing, companies have ISO 27001-certified partners such as Minderest at their disposal. This certification demonstrates that the company follows solid data security management practices. It shows that accredited companies have identified and assessed data security risks and implemented appropriate measures to mitigate them. Data quality and security will help optimize a company’s processes.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
Related Articles
Data-driven decision-making or how to leverage Big Data to improve your pricing strategy
Defining your pricing strategy by harnessing Big Data helps increase the competitiveness and profits of your eCommerce. This is known as data-driven decision-making, that is, decision-making...
How to set prices for your go-to-market strategy
“You never get a second chance to make a first impression” is one of the most clear-cut phrases in the marketing world. This saying stresses the need to build an effective go-to-market strategy,...