Data freshness is crucial for accurate decision-making, as outdated information can lead to misguided decisions and regulatory non-compliance. Two methods to determine the last update time for Snowflake tables and views are using the MAX function and leveraging the LAST_ALTERED column in system views. The MAX function returns the maximum value of a specified timestamp column, while the LAST_ALTERED column provides system-level information on table or view updates. However, it's essential to consider whether you're dealing with a table or a view and whether you're interested in changes to data or structure when using these methods.