Once companies have performed their due diligence to ensure data quality, they can begin the task of channeling their accurate information into business intelligence initiatives. There is a lot of debate about the exact meaning of the words "business intelligence," but more or less, it entails taking massive amounts of customer data and using it to make intelligent decisions about the future of a company.
Having the right data is the starting point. Firms must use address verification software to ensure they have the correct contact information for each customer, including both postal and email address verification. Once they have guaranteed that their data is of the best quality, they can begin to take action on it, making decisions about consumer spending trends across different demographics.
There's a belief among some enterprise managers that business intelligence is only a valuable strategy for large corporations that have access to great quantities of data and the manpower and financial resources to analyze it best. That, however, is an antiquated notion. In today's business climate, mid-sized firms are also capable of taking quality data and turning it into business intelligence.
Jim Harris, an independent consultant who specializes in data quality, wrote on his OCDQ Blog that the confluence of many different factors has enabled smaller businesses to make use of business intelligence.
"Robust business intelligence and analytics solutions used to be perceived as something only implemented by big businesses, as evinced in the big price tags usually associated with them," Harris wrote. "However, free and open source software, cloud computing, mobile, social, and a variety of as-a-service technologies drove the consumerization of IT, driving down the costs of solutions, enabling small and midsize businesses to afford them."
Lyndsay Wise, another expert in the data quality field, expressed a similar sentiment on her Wise Analytics blog. According to Wise, self-service solutions have been a major force behind the movement to make business intelligence more accessible. Thanks to self-service, the power of design is now in the end user's hands, Wise wrote, and even those who aren't tech-savvy are able to share information.
We now live in era in which customer data is not only accessible but also easily verifiable, through the use of software solutions that ensure data quality. More data is available now than ever before, and savvy business owners are using that information to make intelligent decisions about their futures.