the digital age, data is often considered the lifeblood of business. You need to know who your customers are, how to reach them efficiently and effectively, and how to make this knowledge accessible across teams and levels of expertise.
Whether you run a mid-size e-commerce store or a multinational corporation, your success hinges on the quality and reliability of the data you collect and use.
Our 2023 data management research surveyed 500 business leaders across industries, and y that high-quality, trusted data plays a critical role in responding to market pressures.
A data quality platform is a comprehensive solution designed to ensure your data is accurate, consistent, and trustworthy.
blog, we'll explore four major reasons why you need a data quality platform in your organization, including the following:
- Improved decision-making
- Enhanced customer experience
- Cost savings
- Regulatory compliance
Let's dive deeper.
Improved decision-making
With the growth of digital channels like social media, email, and texting, it has become easier than ever to develop a presence in the market with strong branding and a seamless storefront. Because of this, competition is steeper than ever and to get around it, you’ll need to make expert decisions on how to make your value proposition clear and deliver on it. Making those decisions requires good data. Your business decisions are only as good as the data on which they are based.
88% of our research respondents y that market disruptors look set to intensify over the next year. With a data quality platform, you have a one stop shop for standardizing, cleansing and de-duplicating your data, enabling you to remain agile and respond quickly to market challenges. What’s more, you can automate the process of data quality maintenance and re-direct that time saved towards direct revenue-producing activities, such as marketing campaigns.
Enhanced customer experience
Again, the competition is steep. With so many brands vying for customers’ attention, one way to attract and retain buyers is by creating a positive customer experience. In a world full of noise, loyalty programs are particularly good at this, as they allow you to deliver timely, customized offers that speak to your customers’ needs and keep them engaged with you. Whichever route you choose, you will have to ensure that customer data is accurate and consistent across all touchpoints to deliver a consistent and personalized experience.
data quality platform: Business leaders reported that investing in the digital customer experience is a top 5 business priority over the next year. You can enhance the customer experience by cleansing and standardizing customer data, enabling you to create a single view of your customers. With this single customer view, you can provide better customer service, targeted marketing, and a more personalized user experience, ultimately leading to increased customer satisfaction and loyalty.
A comprehensive data quality platform also includes data enrichment capabilities, which allow you to add new information that enhances your existing database, including financial data, lifestyle data, shopping trends, and more. With this, you can further refine your position and generate more goodwill with customers.
Cost savings
immediately apparent, but over time, they can add up to significant costs. For example, you may want to execute a marketing campaign for a major product launch. If your customer data is inconsistent or outdated, you risk low deliverability, wasted marketing spend, and low return on investment. This can result in customers or your target audience being unaware of your new product, leading to lower sales, and depending on how substantial the product is, customer churn.
a data quality platform: 32% of business leaders say that operational costs are one of the biggest market pressures, and integrating automation to reduce those costs and improve efficiency is a top priority. Automated data profiling and data monitoring capabilities can help you do just that. Here’s how:
1. Data monitoring software proactively analyzes your data to ensure that it is accurate and fit for purpose. This way, you can forego the manual labor that was previously required to correct or maintain data quality, and check your data at any time, using visual dashboards, automated alerts, and customizable reports. These features are also especially useful for a growing data governance program.
2. Data profiling helps you to understand what problems exist within your data and what corrective actions need to be taken. By identifying the weaknesses in your data and how they impact your teams, you can make better decisions to optimize marketing efforts, lower costs and increase profits.
Regulatory compliance
The regulatory landscape for data is becoming increasin involved. Laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) require organizations to handle data with the utmost care, ensuring that it is accurate, secure, and compliant with privacy regulations. Failure to do so can result in hefty fines and damage to your reputation.
Why a platform: 80% of business leaders want to invest in data quality to reduce risk. Thorough, streamlined data management helps you reduce your exposure to regulatory risks by ensuring accuracy and data privacy. With functionalities such as data profiling, enrichment, validation, and more, businesses can identify duplicate or outdated data, correct the errors, and reduce the risk of data breaches and other security incidents. In addition, advanced capabilities for data governance, such as data lineage, data cataloging, and data access controls can help you track the movement of data throughout your organization, monitor who has access to it, and ensure that data is being used in accordance with privacy policies and regulations.
In conclusion, the importance of a data quality platform cannot be overstated. It plays a crucial role in all aspects of a business, including operations, external marketing, and compliance. By investing in a data quality platform, you're investing in the future success and sustainability of your business.
