The digital world is growing at a surprisingly fast pace. These days, enterprises are focused on understanding their customers, finances, marketing decisions, and product development to achieve a better return on investment. All these steps require data, and those using it are one step ahead of their competitors.
If, however, you are to see any positive results, the data you use must be accurate and high-quality. Bad data will mislead you and probably harm your business. This is why data-related regulations have been established and they require compliance, with no room for flexibility.
It’s, therefore, crucial that businesses use proper data management strategies to demonstrate compliance. Luckily, companies like TrestleIQ can help you manage customer identity data and ensure its quality. This article takes a look at why your data quality must always be of high standards.
What is Data Quality?
Data Quality measures a company’s data in terms of certain metrics like accuracy, consistency, reliability, and completeness. Companies with high levels of data quality have data that is accessible and relevant. They achieve this by cleaning data, measuring it, and transforming it.
High-quality data is essential for the growth of a business and even its sustenance in the market. With good data, your business can make informed decisions, improve operational efficiency, boost customer satisfaction, and optimize marketing campaigns. Working with poor-quality data, on the contrary, only wastes your time and can result in lost opportunities and/or customers.
Why Care About Data Quality?
At first, it may not seem like data quality is such a crucial factor in business, but these 5 benefits might change your mind.
1. Better Decision Making
The quality of data you work with influences your business’s bottom line as it affects your decisions. You should always use complete and accurate data to make excellent decisions that will lead to positive outcomes. With bad data, you may end up with false conclusions and inappropriate decisions that can affect your company’s credibility.
For instance, a bank or a financial institution that uses incomplete or inaccurate data is at risk of making poor loaning decisions, which can cause defaults or losses.
2. Improves Operational Efficiency
Good quality data is necessary for seamless operations within a company. You’ll experience fewer or no operational defects, significantly saving the time and effort you’ll need to process, analyze, and create reports. As a result, it greatly improves your operational efficiency. You can also determine defects that may likely occur and mitigate them thanks to prediction models trained to offer accurate data.
3. Regulatory Compliance
Companies must comply with regulations that govern storage, security, and data processing. Keeping data accurate and up to date is one step in ensuring elements of compliance like marketing preferences. Working with poor-quality data, on the other hand, results in costly errors that can affect the reputation of a company. Therefore, investing in your data quality infrastructure and management solutions is wise. Compliance increases customer trust and confidence, giving your company a competitive advantage.
4. Better Targeting
To succeed in your industry, you must know who your prospects are. And you can only do that by analyzing and understanding data.
If you use bad data, you may create the wrong buyer personas, thus targeting them incorrectly. Not only does this waste your time but also your resources.
5. Deal with Changes in the Business World
Companies with good data are often prepared for changes in the business scope. Thus, they can adapt to change quickly and efficiently. The same can’t be said about low-quality data, as it often hinders the ability of an organization to change or adapt to new solutions, processes, and operational needs. This ultimately affects their growth and can lead to decline.
Improve the Quality of Your Data With Trestle
Data quality affects almost all aspects of an organization and can be the determining factor between success and failure. Given such facts, it’s wise to ensure that you work with accurate, reliable, complete data.
Want to improve your user identity data or general business data? Visit Trestle to see how they can help as you try some of the customer identification data APIs they offer.
