The quality of an organization's data is a vital component in the success of a number of its other offerings, it has been claimed.
Writing for Marketing Week, Kevin Slatter, managing director of G2 Data Dynamic, has highlighted the important role data quality plays in improving customer experience, communication and marketing strategies, and consumer loyalty.
The expert suggests that without an effective data quality plan in place, businesses risk running inefficient CRM programs and as such long-term investment is needed.
"Poor-quality data has in many cases caused the so-called death of CRM headlines that we have seen over the past few years, as opposed to CRM itself being at fault," Mr Slatter explains.
"It's time that business adopted a systematic approach to data quality management. It requires ongoing budget allocation and shouldn't just be treated as a one-off project."
According to a study carried out by Aite Group, organizations in the financial sector are looking to increase their spend on data integration in the next few years, Information Management reported.
Posted by Paul Newman