Although a lot of business and sales is a numbers game, the same can't be said for information. Many times, data quality
is more important than quantity, as having massive amounts of useless files will not necessarily yield any substantial benefits for an organization, according to a Business 2 Community report.
Essentially, a large amount of effort that has minimal return is the wrong approach to creating a successful company. By using advanced analytic solutions, decision-makers can leverage data to their advantage, making marketing campaigns more effective and improving customer satisfaction and retention by giving clients what they want, the news source noted.
"When this information is accurate, consistent and up-to-date, organizations have better visibility into internal operations, interactions with their business partners and the behavior of their customers," Aberdeen Group data management research analyst Nathaniel Rowe said in another report. "When it is missing, incorrect or hard to find, organizations experience inefficiencies, delays, errors and poor business decisions."
Social media can be a gold mine for quality information when resources are used properly, Business 2 Community said. Social networks explain customer behavior and relationships, and when companies leverage this information they can acquire large volumes of client-specific data, giving them a competitive edge over rival firms.