I don’t think it’s a surprise to anyone that businesses are making their most important decisions off the back of the data available to them. Within the past year, we have conducted some market research about the role of the Chief Data Officer (CDO) and data management trends and the results indicate that organizations are truly considering their data an asset. One of the most prominent responsibilities of the CDO is transforming data into a business growth opportunity. We also have seen more and more data operations and analytics roles popping up in the market to address the issue of getting accurate and complete data back to management in a timely manner.
We often hear from customers that they have a lot of tools in their tool belt but are limited because many of those tools don’t allow them to look at their full set of data at once. They end up sampling and missing out on the whole story that their data is trying to tell them. This is where data profiling comes in. Profiling your data enables you to look at all of the data in your system. Once you are able to look at the full volume of data, you can more accurately and efficiently pick up on trends and inconsistencies and begin to address them.
Do you often come across data with information in the wrong fields? Or data that is incorrectly formatted like dates, currency, or date of birth? Do you have the ability to manipulate that data and transform it on a large scale? What would it mean to your business’ health if you had sensitive information, like SSN, in the wrong field? With a comprehensive view of your available data, you can identify risks and start to turn your accurate data into business insights to drive revenue.
We work with lots of customers, ranging in industries, who derive major business benefit from building customer profiles and homing in on their customer segments to drive specific actions. By enriching the data they already have, that can gain more insight into their customers. Maybe you’re a retailer with a customer who is really active on your site and in your stores, but she tends to only browse until presented with a coupon or discount offer. If you knew this through third-party behavioral insights, you could focus your efforts on customers willing to pay full price, or send that customer an offer when it makes sense for your business and margins. Or let’s say you knew based on third-party demographic data that I recently bought a home. How would that inform your actions toward me? Would you show me more furniture? Maybe incentivize me with a promotional offer? With the additional behavioral and demographic insights you can gain through third-party data, you have more than just transactional data to inform how to effectively target your customers.
Do you wish to gain greater insight from your data? Learn how data profiling and enrichment can help.
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