5 telltale signs you need a data quality solution
Let’s all agree on one thing: Data management is no cakewalk. You have more data to manage than ever before, and it’s coming in faster and at various points of entry (hello, human error). How do you keep up? What happens when you base reporting or goal-setting for key initiatives on inaccurate or incomplete data?
Ensuring the quality of your data is up to snuff can be quite the undertaking. And to no surprise, we found 61 percent of companies have traditionally underinvested in data quality, which is standing in the way of becoming data-driven.
We’re here to help you identify telltale signs it’s time to change course and invest in a data quality solution.
1. Bad data is dragging down your business initiatives.
If you’re full speed ahead on improving your customer experience, operational efficiency, risk management or compliance, inaccurate or incomplete data can be your biggest roadblock to reaching your business goals. Without trusted information fueling data initiatives like big data analytics, machine learning, and artificial intelligence, how confident can you be in the outcome?
We find an underinvestment in data quality accrues data debt, very similar to technical debt, and only further bogs down key initiatives. In fact, 30 percent of companies report poor data quality is a key challenge to delivering an excellent customer experience.
2. You lack a holistic view of your data.
Are you able to look at each of a single customer’s interactions with your business, regardless of whether it’s in-store, online, or with customer service? That lack of insight across the business prevents you from fully understanding your customers’ needs and makes it impossible to target them with the right messages and offers.
Solving this challenge requires clean data flowing into a single source of truth. Bringing together data in one location gives stakeholders across the organization a holistic view of data—and the confidence to make the right business decisions.
3. You have gaps in your data.
Are you missing key information about your customer? Enriching your data gives you customer insights—demographics, communication preferences, purchasing habits, life event data, buyer propensity, and more—empowering you to create targeted, timely marketing messages and offers.
With a clearer picture of who your customers are, how to reach them, and at what life stage, you can develop addressable, personalized, people-based marketing campaigns that resonate with your customers, maximize marketing spend, and streamline your customer journey.
4. You spend most of your time on data preparation versus data analytics.
Does this sound familiar? But what if you shifted the narrative to, “what’s possible when we spend less time on data preparation?” The answer: data-driven insights that can power your business.
While 79 percent of organizations report they are focused heavily on analytics and how they can gain more insight from their data, many are struggling with 88 percent reporting challenges leveraging data for analytics.
5. You’re putting in lots of manual labor for little return.
A manual approach to all of the above is quite the task and will require more time than you can afford to spend on data cleanup.
Data quality management platforms can profile your data in seconds providing you with an unrivaled insight into data issues. The self-service capabilities can empower your data practitioners to build a consistent, accurate, enriched, and holistic view of data quickly and effortlessly.
That gives you time back so you can focus on strategic initiatives that move the needle and drive the bottom line.