In recent years, there have been many changes in the data landscape. Organizations are capturing drastically greater volumes of data across many different channels. They use these channels to interact with customers and also as a means to help them better understand consumers.
Historically, most business was done face-to-face, meaning most business could be done by building a personal relationship. In recent years the prevalence of digital channels diminished that personalized connection.
With data and analytics, however, some of that personalization can be brought back. The insights available through data can tell us about customer preferences, personal interests and demographic information, which allows organizations to better understand the market they are serving and take action with that information to create more meaningful interactions with customers. As organizations resolve to make data the foundation of their strategies in the coming year, accuracy is a major focus.
When taking steps to improve data quality, first evaluate the information available today. Questions to consider: What insights can be extracted from your existing data? What barriers are preventing you from extracting the maximum value from your data?
If dirty data is a barrier, remember you don’t need to live with data issues/inaccuracies and inconsistencies. Accepting dirty data as a part of doing business means tolerating inaccurate customer records, which leads to poor analytics, reporting and business intelligence.
The second step is to analyze the data capture process. It is important to learn which departments capture contact data and where the bad data coming from. Knowing these details can help identify the gaps in order to fix them.
While our clients may be at different stages in terms of their ability to harness the power of data, all strive to better serve their customers and create value while driving ROI in a meaningful way. Data and analytics allow them to move beyond a one-size-fits-all messaging approach.
Improvements to data can have a halo effect and increase operational efficiency across the organization. There are trickle down benefits like improved intelligence and more accurate reporting and analysis. Overall, having clean and accurate customer data allows organizations to be more customer-centric.
Make data the foundation in 2014. Watch our webinar recording to hear our 5 resolutions and tips for staying on track.