The Importance of Data Quality
While today’s companies have abundant access to data, it is important to ensure that the data is relevant and up-to-date. Inaccurate contact data can be harmful to an organization and may cost your company less profit each year! Organizations that focus on the importance of data quality, improve their data-driven operations, marketing, and business initiatives in general.
When data is of excellent quality, it can be easily processed and analyzed, leading to insights that help the organization make better decisions. High-quality data is essential for business intelligence efforts and other types of data analytics, as well as for operational efficiency. Here is a benchmark report from Global data management stating that:
99% of organizations say they have a strategy to maintain high-quality data
98% of organizations believe they have inaccurate data
83% of organizations see data as an integral part of forming a business strategy
69% say that inaccurate data continues to undermine customer experience efforts
Having this in mind, data-driven companies depend on data enrichment and data validation tools that give them better insight into individuals at the point of interaction, that will allow them to tailor messages, prioritize leads, personalize offers and improve engagement online and offline.
Key benefits of data enrichment are:
- Achieving greater customer insight by uncovering individualized customer information by augmenting contact records with missing or unknown data points.
- Increasing business efficiency that result in increased conversion and engagement
- Developing better customer experience by understanding and accurately targeting your customer segments towards providing custom offers, personalized messages, and tailored experiences.
Here are a couple of platforms companies use to make sure they really benefit from their data points:
Openprise is a platform that offers data enrichment filling blank data fields based on current customer information and readily accessible online data. By comparing your customer data against internal and government sources, Openprise finds missing values and discovers new leads for target accounts. Also, this platform can help you find the right person in the account through intelligent job title search and comparisons with your internal buyer personas.
You can pull reference data from any of your apps, or you can build your own database, and then, create custom rules to cleanse that data for some future use. These features help sales, marketing, inbound, and outbound to align their data and ensure they target the right people at the right time to streamline the funnel.
Leadspace is a platform that scans electronic records from across the web and then, builds that data into your existing customer and prospect database. The web data is combined with predictive analytics to help companies understand which customers are most likely to purchase based on previous customer actions and their picture of the ideal customer.
Leadspace offers lead scoring and data enrichment in a single platform and connects directly to your marketing automation platform. These tools reduce the amount of manual lead enrichment you have to manage and as a result increase your segmentation abilities.
Sales.Rocks is a platform for sales and marketing enablement that saves time and prospects more efficiently. The Batch module can automatically validate and enrich any contact list in a matter of seconds. Validation elements encompass phone numbers, email addresses, contacts, but also company information. By building an entire workflow, the system automates all validation and enrichment processes thus eliminating all manual work.
Furthermore, Sales.Rocks offers full enrichment of company info. You can choose to enrich your existing data with company phone numbers, general and direct email addresses, web page URLs and their social media profiles. This feature also helps you learn more about the web-technologies and applications used by other companies and find out what platform their web page is running on, their security layers, what payment gateways they use and much more.
Data is quickly becoming the currency of the emerging digital economy. In the following years, those companies that manage to mobilize their data assets to power critical business initiatives will reap the benefits. Furthermore, as the dependence on data deepens more over the years, the need for trustworthy and accurate data assets is expected to become strongly demanded.