Everything You Need to Know About Gathering High-Quality Data

There was a time when collecting data was a difficult task. It was later a challenge to integrate data and then it seemed almost impossible to keep it clean. All of these things are not only possible today, they are necessary.

Data is a key factor in every aspect of a business, from sales, marketing, and customer service to product design, finance, and more. Processed data becomes information, the most valuable asset for every company.

This means that to make informed, data-driven decisions, you need high-quality data to power your business. Therefore maintain Data quality is so important.

Ensuring data quality means that your databases are accurate, secure, and consistent throughout the data lifecycle phases. Clean, high-quality data ensures efficiency, transparency and consistency across the company.

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The intelligent use of high-quality data

Perhaps one of the most common motivations for ensuring data quality is personalization. According to a study, 85% of companies worldwide experienced more timely and more personalized customer communication due to the improvement in their data quality. At the same time, 75% of companies believe that inaccurate data undermines their ability to deliver a good customer experience.

Data quality can determine operational efficiency, customer satisfaction, and informed marketing decisions. 52% of companies maintain high quality data to increase efficiency and reduce costs. A company that invests in maintaining its database will see direct benefits such as:

  • Lower costs in email marketing: Reducing the number of emails sent to inactive users and invalid email addresses can increase open rates and deliverability, and reduce costs on email marketing platforms.

  • Cross-Selling: If detailed information is available about a customer’s weaknesses, buying behavior, and preferences, this data can open doors for sales departments to offer an additional product or service to an existing customer.

  • Accounting savings: Up-to-date customer information makes the billing process and credit control more accurate and efficient.

  • Personalized products and services: Data integrity provides loyal access to the customer. When used correctly, data can provide invaluable insights for businesses to understand customers, including their expectations of your products and services.

Companies with high-quality data and advanced analysis functions have gained a considerable lead over their competitors in recent years. These companies are twice as likely to be in the top quartile of financial performance in their industry, according to Bain & Company. They also make and execute decisions faster.

How to maintain a high quality database

Organizations around the world increasingly rely on SaaS solutions to manage their data and improve its quality, as they recognize that data and analytics will be a major source of opportunity in the years to come. The most urgent services these organizations need for their data management are:

  • Remove duplicates: Typically, data comes from multiple sources such as web forms, emails, and marketing leads. In addition, in certain cases, contacts are created by different departments or by multiple agents from the same department. These factors increase the likelihood of duplicate contacts, which means that email services can become inefficient and incur unnecessary costs. Additionally, the information in your CRM or help desk can be confusing or inaccurate.

  • Minimizing human error: Human error is one of the most common ways of losing information. A wrong phone number, misspelling, or typo can even cause you to lose a prospect. You can minimize the chance of human error by automating essential data management tasks.

  • Real-time data updates: It’s never easy to keep track of data updates. Automatic updating of data in all SaaS tools means that all teams get the latest and most accurate data in their tools without the need for manual updates or imports and exports.

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