- Real-time information: immediate, up-to-date information
- Real-time system: provides real-time information in response to query requests
The Value of Quality Information
- Business decisions are only as good as the quality of the information used to make the decisions.
- You never want to find yourself using technology to help you make a bad decision faster.
Characteristics of high-quality information:
- Accuracy
- Completeness
- Consistency
- Uniqueness
- Timeliness
4 primary sources of low quality information:
- Online customers intentionally enter inaccurate information to protect their privacy
- Information from different systems have different entry standards and formats
- Call center operators enter abbreviated or erroneous information by accident or to save time
- Third party and external information contains inconsistencies, inaccuracies, and errors.
Potential business effects resulting from low quality information:
- Inability to accurately track customers
- Difficulty identifying valuable customers
- Inability to identify selling opportunities
- Marketing to nonexistent customers
- Difficulty tracking revenue due to inaccurate invoices
- Inability to build strong customer relationships
The Benefits of Good Information:
- High quality information can significantly improve the chances of making a good decision.
- Good decisions can directly impact an organization's bottom line.
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