How to Invest in Data Quality and Why
Today’s business world is data-driven, and the use of software that takes the tedium out of your tracking code and data analysis can give businesses an edge. However, technology alone isn’t going to help you come to workable insights about your data: you need to invest in a company culture that emphasizes the importance of data quality. Getting the most accurate data on clients and using it to improve your business practices and profits requires you to understand the importance of data quality, the problems that businesses face, and the solutions to those problems.
Data Quality Importance
Business with high-quality data are the ones that know their audiences and can keep them for years. Understanding data means understanding customers, and the more information you have on them and the more consistent it is, the easier it is to find more information, stay in contact, build goodwill with your base, and market effectively. It’s also a money-saving measure that keeps your mailing costs down. Quality in your data as well as your data management means saving money, focusing your business efforts, and achieving results.
Adding artificial intelligence to business efforts to build more personalized customer experiences is a good move, but adding technology doesn’t guarantee success. Without a plan to manage customer experiences and use data, all you’ll end up with is numbers that aren’t actionable. As a result, a lot of companies have data management systems that are pretty messy, with data scattered across an average of 39 systems and no one in particular to blame for problems.
A lot of businesses aren’t sure who is responsible for customer experiences and the associated data. In a study by Salesforce and Deloitte Digital, which examined survey results from 500 companies, 34% believed that consumer experiences were owned by the CEO, 12% that customer care or service departments did, and 8% that it fell under analytics and data intelligence departments. A lot of companies have no clear department dedicated to strategy and execution, which is the way to achieve high-quality data handling strategies
The secret to improving your data quality is to have a unified platform and strategy for data management. The elite brands that increase their revenue by 10% or more in a year are those companies that have strong consumer data strategies in place, which goes to show that investment can pay off. A sustainable data quality plan requires you to look at customer activity and business progress toward targets and knowing how to use that information to create reports and systems you can trust.
Make data quality visible and important in your business. Put the impact of data in the form of numbers tailored to each part of your business to help build a case for investing the time and effort into getting accurate, unified data.
Develop a formal decision-making process about your data governance. Decide who’s accountable for the data and how much control they have over its quality, and consider who in your business currently writes a lot of rules and quality standards and knows where the data came from and what filters it might have passed through.
Make sure these people document any changes that they make and ensure this information is accessible. Give your users input by letting them report data quality issues and work with data quality professionals toward a solution. If everyone plays a part in data protection, you’ll emphasize the importance of data quality in your business and see the benefits.
Manage Your Tracking Codes with Claravine
Creating and managing tracking codes is a full-time job that needs to be done with as few errors as possible. Free up your analytics team to do the work you hired them for by investing in your consumer data by making Claravine part of your data plan. We automate the tracking code collection process so that you’re left with reports you can trust to measure your online campaign success. Get in touch to learn more about how we can help you.