Reliable, accurate and timely data is essential for effective decision making. Despite this, data quality remains a challenge for most businesses. And, as your business grows the volume of data grows too, amplifying the problem, the risk and the cost of ‘dirty data’ to your business.
Here we explore 5 reasons Data Quality should be a top priority for your business!
Reasons to Address Data Quality
Some businesses will never reach ‘nirvana’, but that’s not a reason to not even try. Even the smallest improvements can have a big impact, here’s how:
Are your business reports out of date before they are published? Imagine a world where you can make decisions with confidence, safe in the knowledge you can pull a report at the click of a button and be assured the information is accurate, reliable AND, most importantly, timely! In depth reporting and analytics can provide you with invaluable acumen, helping you to be proactive instead of reactive, unearthing opportunities and identifying potential bottlenecks with ease.
We all think we know our customers, but do we really know them? By recording in-depth details from contact information, preferences and purchase history it is possible to truly understand them. By knowing your customers better it is possible to anticipate and satisfy their needs which increases customer satisfaction and in turn retention – which has positive effects on your bottom line.
Are you guilty of sending mass communications because it is too time consuming to segment your customer data? With accurate data segmentation you can significantly improve the results of your marketing efforts. By delivering the right message, to the right people at the right time it is more likely you will capture attention and encourage engagement.
Happy customers are generally loyal customers and the best way to keep them happy is to deliver a great customer experience. If everyone in your business had access to detailed and accurate customer information they would be empowered to deliver a high quality, efficient and personalised service resulting in increased customer satisfaction (and maybe even repeat business).
Predict the future
In the absence of a crystal ball, the best way to predict your future is by maintaining accurate records. Your historical data (as long as it is accurate) combined with sales pipeline information (as long as your people update it regularly) can help you to create accurate forecasts and anticipate customer demands.
Find out the Top 7 Data Quality Best Practices here.