Why accuracy matters

For the fourth quarter of , the standard forecast would be even further off, over nine million jobs too low, or 6. In contrast, our COVID rebound forecast put estimated employment about three-and-a-half times closer to actual, being about 1. To explain the above chart further, if we took the approach of using QCEW through the second quarter and projecting from there using the BLS ten-year forecast, the resulting implied employment is shown by the blue bars.

In between are the orange bars, showing the actual approach we had taken in JobsEQ. In addition, our COVID recovery forecast is made at detailed industry levels [7] to capture nuance in the recovery, where the variation in job rebounds has been considerable.

For example, some industries lost a large percentage of jobs in the second quarter but gained most of those jobs back by the very next quarter—for example, offices of dentists and motor vehicle manufacturing.

Other industries, however, gained back very little of their steep second quarter job losses by the third quarter—examples being amusement parks and traveler accommodations. Bringing an extra set of projections into a system like JobsEQ is no trivial matter. After a quarterly update of JobsEQ, which includes an update of all our industry and occupation employment data, running an alternative COVID forecast requires about an extra week of runtime.

But it is part of our commitment and focus to helping our clients with accurate data. Reliable and cleansed data support decisions regarding sales strategy, providing increased sales revenue. Accurate data can also help prevent wasted time and money spent on ineffective initiatives and tactics such as sending mailers to defunct addresses or governing inaccurate data to ensure the data is analyzed correctly.

Businesses will also increase customer satisfaction when the marketing team uses accurate customer data to deliver messaging that will motivate potential buyers to make the purchase. While data accuracy is a stable foundation for many different forms of business analytics, there is a price to be paid to ensure reliable, up-to-date and accurate data for these analyses.

This will guarantee that all levels of the organization play a part in ensuring the availability of highly accurate data, as everyone in the company will be in lockstep on data form and content standards. This culture of data governance not only enables reliable business analyses but also increases stakeholder acceptance of the data. If stakeholders and end-users do not trust and accept the data they will never accept the insights gained through analyses.

Businesses can implement an effective data governance plan by ensuring the following:. Data accuracy becomes increasingly imperative as the ability of companies to collect and analyze huge amounts of data from the world wide web increases and more and more businesses adopt Artificial Intelligence AI and Machine Learning ML as a means to pursue business strategies.

Data accuracy must be a priority if these companies hope to gain useful, real-world insights from their AI and ML initiatives. AI and ML technology use algorithms to analyze data and make predictions based on that information.

This puts a premium on accurate data, as the purpose of AI is to reduce the need for human intervention. If the data is inaccurate the insights gained from the AI may be flawed or incomplete, and could negatively affect customer relationships, competitiveness, and revenue growth. The industry is abuzz with fascinating successes of new-age technology like AI, customer relationship management , supply chain management, digital marketing and more. Building trust in data requires an enterprise-wide commitment to valuing data as an asset — and effectively managing that asset daily at all levels of data entry and management within the organization.

Leave A Reply Cancel Reply. Consistency in multisource data is difficult. Using Maxar satellite imagery as a foundation can help verify and conflate diverse data points for simplified analysis, enabling the end user to make confident decisions with high stated accuracy. Having data that can deliver geolocation accuracy at this level and at scale over remote regions offers oil and gas companies, among many other industries, unprecedented visibility and value into their remote operations.

In development planning, asset monitoring and emergency response, geolocation accuracy is not a perk that can be ignored. Accurate imagery is the foundation for derived data such as digital elevation models and analysis, like encroachment.