No More Garbage In, Garbage Out
‘Garbage In, Garbage Out’- the old concept of data no longer holds true today. It has been replaced by software applications and programs that scrutinize, analyze, and generate reports, charts, surveys, and detailed information.
With the online explosion has also come a torrent of data transfer happening over the Internet. The process of data exchange is supported by databases that work in the backend. These allow sharing, storage, and retrieval of information, at the press of a button.
However, data is not just restricted to arithmetical figures or numerical entry sheets. It’s comprehensive in nature, including various types of statistical numbers, alpha numerical security codes, array of customer details and feedback, invoice lists, inventories, documents, web contents, files, and much more.
According to Sanjay Mehta, CEO of MAIA Intelligence, digitization of information, rising number of applications, computerization, and shift from manual reporting to IT are driving the criticality of data in both IT and non-IT firms.
In today’s scenario, Management of Information and Systems (MIS) and data analysis is the most important aspect of business. Mehta agrees with this. He feels if one could derive the necessary information for making business decisions, the data will be worth its value, otherwise it will remain in the system without any direct impact to business.
Tirthankar Sen, research director of Springboard Research further reiterates the importance of data in today’s organizations. From his own experience he has realized computers and digital tools are omnipresent in an organization, their importance cannot be understated. Advanced digital tools enable data entry, tabulation, and analysis of data. Sen, in fact, feels data is the lifeline of market research companies.
“As businesses across industries prepare to compete globally in increasingly fierce markets, they have no choice but to rely on their accumulated data for market and business intelligence and to take critical business decisions. It’s therefore vital that stringent checks are implemented to ensure that data maintained is of the highest quality,” he adds.
So what’s the effect of the Internet on data generation?
“Online portals and applications require databases. Data has virtually doubled, as industry verticals such as finance, travel, banking, and others establish online presence. Data is ever growing, applications are growing, getting exponentially huge in India, PC adoption is happening all across so definitely database is a growing market,” Mehta opines.
Similarly, Sen states, “The need for continuous data accessibility has necessitated massive investments in data management, storage and security hardware and software for a majority of enterprises today- although the scope and scale of their implementations varies extensively within industries.”
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