The term Qualitative Data Analysis refers to the quality of the data that a company manages. It is a very important concept that is fundamental for its use in different sectors, one of the most important being the banking. To achieve adequate data quality, several steps must be taken always bearing in mind that planning is going to be an essential stage in all this and that we will also need to invest a great effort, enough time and money to achieve the goal we have set ourselves.
Data quality issues are not isolated, but they can occur universally. In any sector worth its salt we can find problems of this type. They are usually given regularly due to the execution of this data in business processes.
What are the factors that impact the quality of the data?
Focusing on the banking sector, Factors that impact data quality can be divided into three categories. On one side, external processes, what can be, as an example, data migrations. Besides, internal processes, finding here the data processing. And in conclusion the natural deterioration of that data, which may occur due to new uses or even due to continuous system updates.
In banking, a migration can easily happen if we receive a new customer, and errors are likely to occur when working with this person's data. Equivalent, banking systems are constantly updated to provide greater facilities and security to users. All this, among other things, It can cause the quality of the data to be handled not to be adequate.
What are the benefits of data quality?
If we have very good quality data, the benefits can be multiple. To give several examples, thanks to the quality of the data we will obtain greater confidence in our systems, something that is essential if you speak in economic terms. in addition, customer satisfaction will be higher and we will reduce costs by applying this procedure. in addition, we will have the possibility of increasing our income and we will be able to develop a unique vision of what the truth is, always within this context.
How can we apply it successfully?
So that the Qualitative data analysis If it is a successful procedure, it is essential that we know how to apply it correctly. How can we do it? In three simple steps we will reach our goal easily.
Data Profiles
It is the first step we must take to achieve our goal. It is about applying analytical techniques to the data we handle to establish the content we have, the structure of that data and, in conclusion, the quality of them.
Cleaning the data
It is also a very important step, because at this stage we will have to apply another methodology on that data to be able to fix any type of problem. In this way we will achieve the quality we are looking for.
Quality monitoring
Is the last step where we will verify the quality of the data what do we drive. Once we have done the other two steps, we will have to verify that our data is not defective and that the information is of the highest quality. For this, should be analyzed and a final report written that reveals the quality of the data that has been used.
Applying these tips, we will be able to apply a qualitative data analysis of efficiency that will help us to keep our business moving forward solidly.
