By Christine Christian - CEO, Dun & Bradstreet
The importance of data management cannot be overestimated and its direct impact on the bottom line should make it a key priority for all businesses. Why then do many businesses maintain poor quality data?
The answer may lie in a lack of awareness about why it matters and how it impacts the bottom line. As well, management of data quality can seem like a daunting task when in reality it's not as cumbersome or daunting as executives believe. Following a few simple guidelines will allow your business to address this challenge and improve the effectiveness of your marketing and sales efforts.
The base from which a business starts will influence the time it takes to reach the end goal however the benefits ensure that the time and effort required to achieve optimal data quality are worthwhile.
The best place to start is to think about where the business wants to end up. Answering this question will allow you to get a better understanding of what data is required and ensure that the information you acquire is fit for the purpose it must serve.
Take a look at the data you already have and decide if it has relevance to the project. From there you can determine where you have gaps and what additional data is needed.
The next step is to consider the specific data elements that you need to achieve your objectives. When doing this you need to think beyond names and addresses as there is a wealth of other information that can be accessed to enrich your relationships and allow you to communicate more effectively with your customers and prospects.
Building a database of comprehensive records does not ensure the quality of the data overtime. Every year in Australia:
- 128,453 new companies commence trading
- 4,147 companies change their name
- 17,425 companies change their place of business
- 7,802 companies and 4,128 businesses cease operations
These statistics demonstrate that updating customer and prospect information on an ongoing basis must be a key part of any data quality management project.
Data quality cannot be left to look after itself. Once your business has achieved an optimal level of data quality, continual investment in the process will allow your business to reap the benefits.
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