Let’s back up a little bit from last week’s tips on initial steps towards data quality and talk about why companies should care. Based on Experian’s report, as marketers continue to automate processes and do so within much tighter timeframes to keep up with the consumer, maintaining and analyzing accurate data will continue to be a critical component. Top drivers are: understanding customer needs, finding new customers, increasing value of each customer, and securing future budgets.
Here are some trending reasons on why companies care about data quality in 2015:
- Increase marketing program efficiency, enhance customer satisfaction, and enable for more informed decisions
- 87% of companies are using predictive analytics* across their business in one way or another and those who use it have significantly increased profits in the last 12 months, this requires clean data to work properly
- Customer Experience Management (CEM) is a hot topic for companies today, an increasingly important part of this management is done through data because you need data to develop better personalization
*Predictive analytics is an area of data mining that deals with extracting information from data and using it to predict trends and behavior patterns (Source Wikipedia)