Data collection can be expensive and time-consuming. Too often, it is also wasteful. Even top IT advisors struggle with providing relevant insight to companies collecting financial data because, in many cases, a significant portion is useless.
This is where the data audit comes in.
“Let’s not collect unnecessary data,” pleads Derek Bradley of Money Marketing. According to Bradley, as much as 40 percent of client records passed on to advisors are irrelevant. When given to a finance-based IT advisor, that large percentage of data can severely skew the insights.
Unsurprisingly, when those insights inspired by faulty data are acted upon, the results are underwhelming. Thus begins a new and costly process of collecting more data and suddenly the ROI is considerably less than projected.
Bradley’s assessment of that process isn’t any rosier: “At some point down the road, we will not only forget what we wanted that information for but we will forget exactly what we are in this business to achieve.”
A timely and consistent data audit would solve those problems. Indeed, that’s what FlockData does immediately upon taking in your organization’s data. FlockData works to see patterns and key concepts during data ingestion, which allows us to both easily filter out unnecessary information and nudge you toward some interesting questions to ask.
You can indeed learn a lot from your data. FlockData can help you make sure it’s the right data. Just integrate with our simple APIs, and every relevant data event will be audited properly. This is the easiest kind of data audit you can build for your organization.