What is Data veracity? Do you know what the most expensive commodity for any firm is? It is “DATA”.
If you are running a business and don’t know that your data is trustworthy or not, then it is like driving a bike with closing eyes. You can predict how dangerous it could be to ignore the information. From selling products to marketing, everything needs accurate data.
The sad part is that now this data comes into the danger. External sources can trace or theft your company’s valuable data that may lead your firm to face terrible money loss.
To ensure the safety company must have data integrity.
What is Data Veracity?
It is the degree at which you can measure the data accuracy and precision. Data is always viewed as reliable and trusted. But in many situation data turns the put a different situation in front of the owners.
Let’s understand them by a few examples. With this, you can easily understand what the above line states.
Wrong news
Positive news may take a long time to spread but cynical move fast. It happens just because of the social platform. There is a couple of incidents took last years where the company saw that someone spread the rumours about the company.
The sad part is that the company faces terrible losses, which took years to recover.
Sources of negative reviews
It is the primary criterion of the rival companies to put negative reviews on the website. But without proper data veracity, it is tough to find whether the comment is uploaded through manually or machines.
Lacks of data lineage
You cannot arrange data from a single source. The team have to use specific tools to find out hundred of sources. But in many scenario companies detect the wrong information, but lack of technology creates a problem.
Without DATA LINEAGE finding the source is next to impossible. You may do not have an idea about data lineage. Let’s understand this in a nutshell.
What is Data Lineage?
It is Metadata and uses to explain from where data comes. This tool is using for big companies where the capacity of data is much higher. In that scenario, finding the information manually is not possible, so this data lineage is used to find the sources.
Now let’s understand the importance of the data fidelity
Significance of the DATA VERACITY
Three focus tenants
Not a single company wants to accept the risk of poor data veracity. Before we move towards it, there are two types of data veracity one is poor, and another is good.
Poor data authentication represents those data that do not hold robust information. However, it is not waste data; it can be used for the company but would not be sufficient. But good data veracity plays an important role that every company searches for.
Let’s have a look at the three focus tenants
- Derivation: It included the verifying part. In this, the history of data is checked through its life cycle.
- Context: Allowing for the circumstances around its use
- Reliability: Securing and maintaining data
It is what the three focus tenants. Every firm leverages this technology to achieve these three tenants. Though it may vary from one firm to another here, we have considered the most common ones.
There are several ways through which you can build data veracity into your firms or business.
Ways to build data veracity
We have discussed a few of them below:
Make everyone responsible
Data veracity is not like someone’s job. You cannot put all the responsibility on someone. You need professional IT experts no doubt but make sure every person is contributing. And for this, you must have a talented team.
You can hire a technical expert to reach the goal of data veracity. Do not worry about the money because you can easily hire a pro with the budget. If you do not want to disturb your business budget plan, then you can either reach to investors or loan. Arranging funds through an investor is not a cakewalk, so in that scenario, the second option may be the right choice.
You can opt for 12 month payday loans from online lenders for fast approval. In this, you may get the funds within an hour and can utilise it to hire a professional.
A dedicated management issue
Your company must have a team that can deal with the threats to the data. Not only deal but can provide a quick solution so that it won’t be able to affect your company.
Now, we hope you understand why data veracity is vital for any firm and business. If you want to leverage it, then follow the above points.
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