Summary

As we know that the Decision-Making process is dependent on Data Analysis.

If a company makes a mistake in choosing a good source and quality of data
then they may face difficulties in future and also sometimes they have to bear
huge losses. Data analysis always benefits in optimizing project designs,
lowering costs, determining key performance indicators, investigating failures,
etc. There are lots of tools, techniques and concepts associated with data like
data filtration and collection to process data to make it more accurate and
reliable. Tools and Data Analysis helps to increase production of a company. 
Accurate data is important to performing a comprehensive reliability study.
For establishing a robust database, one has to ensure that all meaningful data
points are collected and stored.  Databases that collect only some important data
may offer an incomplete and even misleading picture of current operations and
assets conditions. Data must be collected continuously, if it is not done properly
then data may stagger. 
The quality of the data is significantly influenced by both management support
and an organization's culture. Procedures and work processes must be current,
in line with best practises, and subject to continuous improvement. Here's a case
study that shows how carefully choosing data can significantly affect how much
money is spent on capital and construction costs for new projects. This is
achieved by removing unnecessary equipment, completing projects more
quickly, and avoiding cost overruns. The quality of the design and the data that
are provided directly affects how precisely you can focus on what you want.
Because of this, gathering high-quality data requires the application of effective
data collection methods that precisely define the types of data and the quantities
of data needed to support the decisions the organisation must make. You must
ensure that the platform you choose has all dependability features integrated
into a single solution to improve data integration, disable shortcuts to ensure
that the data obtained is consistent, and cap the number of systems that can be
installed in the company. There should be routine audits of the data quality
throughout the entire organisation as part of the quality assurance procedures
for the system that has been deployed.