The Intelligent Man's Guide to High-Quality Data

Study
Cladiua Martinez

There was a time when gathering data was a hard task. A few years later, it was a challenge to integrate data, and afterward, it seemed almost impossible to keep it clean. Nowadays, all these things are not only possible, but necessary.

Necessary for what? Everything. Data is a key factor in Sales, Marketing, CRM, Customer Service, product design, finances and so much more. Processed data becomes information, the most valuable attribute of any company.

When we talk about data integrity, we rarely associate it with other forms of integrity. We all know that besides the informatic concept, the word “integrity” can be used in a legal frame, as a moral condition or when we talk about something new or clean. In any case, all the associations with the word seem to be positive.

If a company can talk proudly about its data integrity, the perception of that company is also positive. Clean data or a high-quality data translates into efficiency, transparency, and consistency.

The intelligent use of clean integrity

Perhaps one of the most common motivations to ensure data integrity is personalization. This year’s global data management benchmark report, published by Experian Data Quality, reveals that 85% of organizations globally experienced more timely and personalized customer communications as a result of improving their data quality solution. At the same time, 75% of organizations believe that inaccurate data is undermining their ability to provide a good customer experience.

High-quality data can determine operational efficiency, customer satisfaction, and informed marketing decisions. Another visible result of having high-quality data is optimization of cost. A company that invests in the maintenance of its database will have direct benefits:

  • Lower costs in email marketing: Reducing the number of email addresses that correspond to inactive users, deceased people, etc.
  • Cross-selling: Detailed data can open doors for the Sales Department to offer an additional product or service to an existing customer. Harvard Business Review explains that “Knowing how the customer’s product usage has changed over time, how he or she has migrated among products, and which triggers or leading indicators caused changes in behavior is essential for designing effective share-of-wallet strategies.”
  • Accountancy savings: Having up-to-date customer information makes the billing process and credit control more accurate and efficient. In turn, your Accounts Department to save money.
  • Personalized products and services: High-quality data provides a faithful approach to the customer. If used correctly, data can be the Rosetta Stone in understanding our customers and their wishes to develop new products and services.

Companies with quality data and advanced analytics capabilities have gained a significant lead over their competitors in the last few years. An insight of Bain & Company determined they are twice as likely to be in the top quartile of financial performance in their industries. They also make and execute decisions faster.

How to maintain a high-quality database

The global data management report of 2016, indicates that due to the fact that more businesses are moving to the cloud, 74% of U.S. organizations would use a SaaS solution to identify and resolve data issues. The most urgent services that these organizations need for their data management are:

  • Removal of duplicates: Normally, data comes from multiple sources such as web forms, emails, and marketing leads. Additionally, in certain cases, contacts are being created by different departments or several agents in the same department. These factors increase the possibility of having duplicated contacts.When we have duplicates, emailing services become inefficient and generate unnecessary costs. Plus, the information in our CRM or Help Desk becomes confusing and inaccurate. Nowadays, there are different tools we can use to remove duplicates.
  • Minimized human error: Human error is one of the most frequent ways to lose information. A bad phone number, a spelling error or typo mistake can make us lose a potential customer. We can minimize the chances of human error by simply asking our team to double check the information.
  • Frequently update: Staying on top of contact updates is never easy. An update allows the proper management of emails in disuse, new contacts or change in information.
    Solutions to this problem are multiple. Examples would be sending an email to old or inactive contacts asking “Is this still your mail?” or simply using integration tools in real time.

A few years ago, data management was a big challenge. Now, technology has developed tools to make our lives easier.

PieSync, the 2-way contact sync SaaS will be co-hosting a webinar with ProsperWorks about data integrity and how to sync contacts between ProsperWorks and many other cloud apps. Register today by reserving your seat here!

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