Importance of validating information Lara mulcahy
Data is the raw facts and statistics, whereas Information is Data that is accurate and timely; specific and organised for a purpose; presented within a context that gives it meaning and relevance; and can lead to an increase in understanding and decrease in uncertainty .Another way to look at information is as data that has been interpreted and then presented in a more meaningful context. Over here, we're looking in more detail at how to identify what data is reelvant for your business and how you can collect it.Functional silos within a larger organization can lead to duplicate effort, which is associated with higher cost.
Research indicates that the average large and mid-market company is losing millions in potential savings because of inaccurate supplier data (4).
Beyond sourcing, bad vendor data also affects supply chain users in procurement, accounts payable, legal, and other areas.
There are many reasons why you should validate your data.
In recent years, procurement and supplier management professionals have faced an increasing need for diversity reporting.
This blog post examines in more depth why Data is important in your business The importance of data cannot be under-stated as it provides the basis for reporting the information required in business operations.