Data Loss stories alert you that something has negatively impacted the quality of your data. It is imperative that your business decisions be made with accurate data. You do not want to risk making a decision without complete confidence in the accuracy of your business data.
Here are a few examples of how functional teams use Data Loss stories:
Marketing teams use data loss stories to identify issues related to ad performance and ad spend.
Sales teams use this story type to track data discrepancies related to orders and inventory.
Operations teams use these story types to track supply and demand metrics.
Finance teams track data losses related to revenue attribution, gross margin, and cash flow.
Loss Story: Volume of Data Missing
Volume of Data Missing stories notifies you when a significant and unexpected drop in the volume of a data table occurs well below the expected range. In these stories, the amount of data missing is well beyond what you would expect in the normal course of business and is likely an indication of a data quality issue.
If the number of records in your database drops significantly below normal expectations, a Data Loss story will be triggered and alert you to investigate if any data quality or data collection problems have occurred.
Loss Story: Missing Records
Missing Record stories notify you of a significant and unexpected drop in volume of a particular segment below the expected model range. In these stories, the amount of data missing is well beyond what you would expect on a normal day and could be an indication of a larger data quality issue.
Missing Value stories identify an increase in unknown or empty values for a given metric. The percentage of accounts with the value of “unknown (not set) for “Event Label” segment has increased significantly. If this is not intentional then you may have missing data in your database and other reports may be unreliable.
Why Data Loss Stories Matter?
Data Loss stories indicate that data values, records or volume of data are missing. Inaccurate data means you are potentially analyzing your business without all of the details and that opens your business to unnecessary risks. Outlier provides business leaders with an extra layer of confidence in the accuracy of their business data.
Outlier’s platform immediately identifies changes in your data without being told what to look for. Automated business analysis alerts you to these unexpected changes so that you can take action. Knowing that you are missing data from exactly this dataset on this day is key to quickly resolving the issue instead of waiting weeks to uncover and address. Discover how Outlier is by your side to empower your business decisions every day.