Winter 2023 Business Priorities: Ensuring Data Accuracy Through Strategic Management
As the year-end approaches, the role of Artificial Intelligence (AI) in shaping business strategies is more pertinent than ever. Alongside Process Transparency, Data Accuracy emerges as the second key priority for businesses in Winter 2023. This article will specifically focus on three critical tasks for ensuring Data Accuracy: identifying the Source of Truth for product and service data, understanding how internal databases are updated, and determining the delay between the Source of Truth and current update procedures.
Identifying the Source of Truth
The first step in ensuring Data Accuracy is to identify the Source of Truth (SoT) for your business’s product and service data. The SoT is the authoritative, reliable, and definitive data repository that serves as the benchmark for all other data points. Whether it’s a centralized database, an ERP system, or a dedicated data warehouse, identifying the SoT is pivotal for maintaining consistency and reliability in business operations.
Updating Internal Databases
Once the Source of Truth is identified, the next task is to ascertain how internal databases are updated in relation to this source. This involves understanding the mechanisms, protocols, and workflows that are in place for data synchronization. Whether it’s through batch updates, real-time API calls, or scheduled tasks, it’s crucial to have a clearly defined procedure for keeping internal databases aligned with the Source of Truth.
Delay Between Source of Truth and Current Procedures
The third task focuses on determining the time lag between the Source of Truth and the updated internal databases. This delay can have varying impacts depending on the nature of the business and the criticality of the data involved. A delay may be acceptable in some contexts but detrimental in others, particularly when Intelligent Assistants rely on up-to-date information to make automated decisions on behalf of their human users.
Ensuring Data Accuracy is not merely a technical requirement but a strategic imperative as businesses prepare for a future dominated by AI and Intelligent Assistants. By concentrating on these three tasks—identifying the Source of Truth, understanding internal database updates, and assessing time delays—businesses can significantly improve their data integrity. This, in turn, will enable Intelligent Assistants to act more effectively, further integrating AI into the fabric of modern commerce. Winter 2023 presents an opportune time for businesses to focus on these tasks and thereby solidify their commitment to Data Accuracy.