As data is becoming a core part of every business operation the quality of the data that is gathered, stored and consumed during business processes will determine the success achieved in doing business today and tomorrow.
Data quality refers to the overall utility of a dataset(s) as a function of its ability to be easily processed and analyzed for other uses. Quality data is useful data. To be of high quality, data must be consistent and unambiguous.
High quality data can be easily assessable, processed and analysed, leading to insights that help the organisation to create better and effective decisions making process. Such data is accessed and used by the investors and analysts for comparing the market situation and better growth opportunities. In the current era of digital transformation, the support for focusing on data quality is even better than it was before.
Improvements in data quality translate into better analytics for a firm, stakeholders, Regulators and investors. There are five traits that you’ll find within data quality:
|Characteristic||How It’s Measured|
|Accuracy||Is the information correct in every detail?|
|Completeness||How comprehensive is the information?|
|Reliability||Does the information contradict other trusted resources?|
|Relevance||Do you really need this information?|
|Timeliness||How up- to-date is information? Can it be used for real-time reporting?|
With the Regulators, investors, and analysts watching over, the quality of your data is more important now than ever. Are you doing everything you can to create the highest quality filing?
Good quality XBRL makes it attractive for investors to use and other regulators to start using it and that, in turn, will lead to cost savings in the long run. Quality is worth investing in.
How Pratham Consultants can help you?
Data quality is one of our highest priorities. We are passionate about data quality and firmly believe that you don’t have to be an XBRL expert to have high-quality data.
Pratham Consultants is a specialised corporate advisory firm promoted by young and dynamic professionals in the preparation of financial statements in XBRL formats for filing with regulators. Pratham Consultants provides world-class services with its team of certified accountants experienced.