Keeping Data in Business

1005 Words3 Pages

Keeping data accurate and reliable is seen as very important for

businesses, as it is part of the running of the business for example

business run using data as part as there day to day of the business;

for example businesses such as Ford

Explain ways that the accuracy of source data can be improved before

it is used.

The Importance of keeping data accurate and reliable

Keeping data accurate and reliable is seen as very important for

businesses, as it is part of the running of the business for example

business run using data as part as there day to day of the business;

for example businesses such as Ford keep records of there customers,

and potential customers, they have large databases of them, this helps

Ford as this can help Ford to survive and stay alive, within the

organisation people are constantly using data, this could be research

or databases, this information is being used by the organisation it

self from offices in head offices to the dealer branches where staff

internally are using this information to help them in the running of

the business. This research could help the company quite significantly

as it contributes hugely into the success of the company.

Businesses is using data all around the world, our world revolves

around data, for example finding new cures for diseases in order for

this to be done research and data would have needed to be collected in

order to accomplish this goal, so it is fair to say if data was not

produced and collected and not used then a lot of things now would not

have come into practice people would have suffered because of this,

this is why Ford need data to be accurate and reliable because it

helps to push the business along and drive it to achieve its goals.

Ford need data to be accurate and reliable because it helps to push

the business along and drive it to achieve its goals, only precise

data is useful to Ford, it would have to be very accurate as incorrect

data will not b able to help the organisation and would be pretty

pointless. Information to be accurate and reliable is a very important

aspect of the business if it is to run effectively and efficiently. In

the UK a certain percentage of UK households support corporations by

buying stock. But the level of trust people have placed in the

corporate world by making these investments has not been reciprocated

by r...

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...ing patterns

Ø Target group index TGI

All this helps Ford to identify customers buying behaviour in terms of

and could help in developing a suitable product.

Debtor amount owed data

(For use in statements of account)

Ford can do this by checking and comparing Owings to debts paid

A business can get this information via seeking advice from certified

accountants.

Customers returns data

(For use in monitoring quality)

Ford can do this by monitoring products that had been returned and

identifying problem, which as results can be dealt with. Results could

also be:

Ø Customer feedback

Ø Suggestion schemes

Ø Epos systems

All this sources of information helps Ford to closely monitor certain

quality of products and overall production performance, and where it

can be improved. With the help of constant updates.

Financial account data

(For use in the final accounts)

Ford can found out about information by identifying overspending areas

and develop improvement tactics, for example strategies and can be

done through.

Ø Bank statements

Ø Annual reports

Ø Cash flows

This information enables Ford to compare current data with previous

data.

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