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.
When you build something, the final product is only as strong as the foundation it was built upon. Building a company is no different. It’s not uncommon for startups, in the pursuit of rapid growth and higher valuations, to accidentally allow the basics to become an afterthought.
“Boo!” Is that a ghost or ghoul? No—it’s something much spookier: bad customer contact data. Did you know that less than half of retailers trust their data to make important business decisions? In fact, 57 percent of retailers say that they rely on educated guesses or gut feelings to make decisions based on their data. While blood and guts may have a place in horror movies, gut feelings are simply not enough to go on for important business decisions. Accurate, reliable data to drive decision-making is a far stronger retail strategy.
This week I attended the 50th Annual ISM show, which is the largest Health and Human Services (HHS) technology event of the year. Here, I had the opportunity to chat with some interesting people within the HHS space to understand their organization’s current data management practices. I was also able to listen to some informative sessions that explored ways to improve the HHS space using new, innovative technologies. I have personally spent the past couple years working in and learning about the HHS market, so I wanted to sit down and reflect on the most pressing topics in our world.
Businesses today continue to see data gaining in importance. As more and more organizations work to harness the power that their information can afford them, their underlying data is affecting every aspect of their operations. Departments like customer service, digital commerce, finance, compliance, operations, and more are all working to figure out how they can use data to better serve their customers, reduce risk, and become more efficient in their operations.
As a result of these trends, an increasing number of businesses are looking to improve their data management practices.