Too many companies are caught up in the promise and glamor of big data, according to Forbes. With so much buzz around the term, decision makers are investing in vast databases and analytics tools, assuming the grander the plans the greater the success they will achieve down the road. Unfortunately, this is not a guarantee. Capturing the potential of big data requires complementary investments in address management systems, governance plans and regular maintenance to ensure all of the small data is properly handled first.
However, many businesses missed the mark in the excitement to invest and are just now beginning to see the tolls take effect. According to Computing.co.uk, companies lose money when they have poor data quality. Some of the most common problems include duplicate entries that lead marketing teams to double efforts for a single consumer. Missing contact information can be just as detrimental, because sales teams can't nurture leads if they aren't able to reach them.
If brands are looking to gain fresh insights from these new technology developments, they must start with the basics. Eliminating human errors with technology tools gives analysts a stronger foundation from which they can identify important correlations and spot surprising trends.