3 Reasons You May Not Be Able to Trust Your Own Data
If your company is like many other companies, you would not be much without your data. Many companies take great strides to collect their own data because they know it’s the only data they can trust – but what if they can’t trust that either? Keep reading to learn about three reasons you may not be able to trust your own data and then contact ECL Software at 800-625-5972 to learn about software solutions that can help.
- The Quality of Your Data May Not Be as Good as You Think It may be that the data you are getting is just plain wrong. If this is the case, then you could end up making important decisions on flawed data and false assumptions. This is why you need technology in place to find data inaccuracies – without it you can count on the fact that your data quality is not going to be up to snuff. The largest source of poor quality data is human error. A loan officer who is required to enter numbers into several systems over and over again is bound to make a mistake at some point. There may also be data errors in your historical reporting. If you do not have quality historical records then you cannot reasonably be making decisions based on that data.
- Your Data May Not Be as Accessible as it Should Be In the past, construction loans were managed with a paper trail. Each one involved a file folder, papers could be faxed and sent via email, but notes were often written in pen on individual files. Much of this data is no longer trackable and cannot be used to create data sets moving forward. When the info is stored digitally, it is often in a siloed system that cannot work with other systems. Consider loan documents in one filing cabinet, draw requests in another – disbursements in a different building. This can make it difficult to impossible to get accurate data – and is why it is important to ensure you are using software solutions that can be accessed digitally from anywhere you have an internet connection.
- Your Data May Have Been Manipulated There are likely many people within your organization who can benefit from manipulations to your data. If you have a system that does not track each user that touches a particular data set, it may be very easy for them to change the info they want changed and then get out. With ECL Software, all changes are tracked so you always know who has made which changes, when they made them, and more.
If you are ready for a free demo to discover how ECL Software can help save your data then we welcome your call to 800-625-5972.