Data quality is something organizations know they need---eighty--nine percent of U.S. companies plan to make data quality solutions a priority in the next 12 months. But the question is, how do you get to a state of better data quality? What are the right solutions? Can’t data just magically appear accurate and fit for a given purpose?
In today’s data-driven economy, we all want data at our finger tips and we use it in a wide variety of ways across the business, from marketing automation, operations, consumer insights and so much more.
My last blog post was entitled “Why every business needs a single customer view” (SCV). It points out the incredible value that a consolidated and consistent view of your data—organized by customer—can deliver but also acknowledges some of the challenges that prevent companies from implementing such a view. For a real-time SCV, obtaining technology to link to existing systems and to collect and store data is one of the biggest issues. Before any investments are made, however, it’s important to carefully plan what data will be used, where it will come from, and how you will make sure that it’s fit for purpose. To prevent, in the words of that oft-quoted adage, “garbage in, garbage out”!
Learning more about your customers and achieving a single customer view is a seemingly elusive goal for many companies. With the right tools, however, you can append your existing information with additional data to get a more holistic view of your customers. Prospect IQ (PIQ) is one of Experian’s data enrichment solutions that enables you to do so. PIQ is used most often by companies to enhance their marketing through greater customer insight and personalization. Whether that means better approaches to getting repeat customers, new avenues for attracting new leads, or better targeting existing leads, enriched data provides additional information that helps you approach your goal more strategically. Beyond marketing, other customers use PIQ to better understand their customers’ wants and needs, to expand product lines, and to model the likelihood of a sale.
We live in an era of healthy living (whether we like it or not). Much to my dismay, I find my doctor constantly telling me to eat more fruits and vegetables, whereas I would rather be eating a cheeseburger and fries. And that’s not all – drink more water, cut out carbohydrates, take the stairs, get more sleep – it’s endless! The reality is, my doctor is right—and if I want to live a long and prosperous life, I need to take a comprehensive approach to my healthy lifestyle. Eating a green bean occasionally isn’t going to do the trick. I must see how I can incorporate as many aspects of healthy living as I can into my everyday life.
Data is truly at the heart of every organization. We use it to back up business proposals and initiatives, prepare forecasts and projections, pinpoint areas for improvement, and substantiate cases we try to build. We can’t rely solely on instinct and gut feeling because they are intangible, and with the amount of information collected in today’s data-driven society, most businesses have come to expect the credibility that data brings and are investing in that power.
Being a Marketer myself, I know that we are nothing without our data. We are constantly looking to understand, improve, and leverage data in new and exciting ways to drive revenue for our business. We connect with our friends in Analytics or Business Intelligence to help us make visuals to share information and insight about our data, all of which takes time and resources from multiple teams. I wanted to take the opportunity to share my 5 tips for better leveraging your data.
The major consumer credit bureaus expect for data furnishers to report on their data in a single, standardized format, known as Metro 2®. While the Metro 2® standards are designed to make it easier to keep credit information up-to-date, many organizations still face many challenges with their Metro 2® reporting. From lack of resources to manual, time-consuming processes, many organizations currently struggling to comply with Metro 2® regulation take a reactionary approach to their reporting. As consumers become more well informed about their credit, through various ease-of-access channels, and as disputes grow exponentially, many data furnishers are looking for ways to ease their Metro 2® reporting.
Last week, I had the opportunity of attending the NASWA UI Directors’ Conference and IT/Legal Issues Forum in Orlando, Florida. The conference was a forum to collaborate and discuss innovative ways to improve customer service and business decision making, while fighting fraud within state workforce agencies. At this conference, I had the ability to connect with leadership to discuss the impact that quality data can have on their systems and processes.
Yesterday, I, along with twenty-seven employees from Experian, had the opportunity to spread financial literacy to youngsters in the Greater Boston area. We partnered with the Junior Achievement of Northern New England (JA), whose overall mission is to educate and inspire students from kindergarten to eighth grade about financial literacy and entrepreneurship.
In today’s highly competitive business landscape, the data an organization collects is expected to deliver insight and value back to the business. Therefore, there is an increased focus on the accuracy and reliability of data collected, while there is also the apparent need for business users to have direct access to their data. We are seeing organizations express their commitment to making data-driven decisions, and this is only possible when business users are directly able to understand and leverage data to make these decisions. Despite this growing need, a common problem presents itself when IT is the keeper of an organization’s data, and business users have to wait for insight from the IT that they can understand.