May
08
2013

Does business intelligence work for you?

Business intelligence, or BI, is a trending topic many organizations and marketers are talking about. Stakeholders are looking to data to better target consumers with relevant messages, improve customer service operations, change website displays and much more.

While all of these efforts are great in theory, the question becomes, are these analytics actually being developed and driving value to the business?

BI is essentially analyzing internal and external data to generate some sort of conclusion that can be used by the business. The problem for many businesses is that they do not have robust data quality management practices to ensure accurate information feeding into those analytics.

Here are some statistics from a recent Experian QAS® survey:

  • 94 percent of companies suspect they have inaccurate contact data
  • On average, 17 percent of the data is thought to be wrong
  • 92 percent of organizations admit they have duplicate data in their system

Poor data quality is hurting BI efforts and putting marketers at a disadvantage when segmenting and messaging to clients.

There are several areas marketers need to focus on to improve data quality:

  • Marketers need to ensure accurate customer data in order to generate actionable intelligence around customers.
  • Organizations also need a consolidated customer or prospect view, that way they have one consolidated record for each individual or household.
  • Marketers need to be able to access information. Information needs to be in a central source or at least in areas where it can be compiled easily.
  • Organizations need strong appended third party intelligence. Most businesses do not have enough information contained within their database, so many are appending additional data sets to help provide intelligence.

How accurate is the information you are working with?

Join me for an upcoming webinar on BI where Dylan Jones of Data Quality Pro and I will be discussing how businesses can clean information to take better advantage of BI efforts.

Click here to register.

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