The quality of your business decisions is only as good as the quality of your data. Poor quality data costs businesses a staggering $700 billion a year. What is poor data quality costing your business? Insights on your customers drive business decisions and marketing results. Even one incorrect record can translate to thousands of dollars in wrong decisions and lost sales. True data quality is an iterative and multi-step process that depends upon:
- The sources of your data
- Goals you have for your data
- Your industry
Not sure where to begin evaluating your data quality? Here are 5 signs you may need help.
1. You only run NCOA
Only running an 18-month NCOA might satisfy the Post Office requirements but does not constitute data quality. Do you really want this to be the only metric of accuracy you use for your customer database?
- NCOA is one small part of the entire multi-step process to create accurate insights from your data.
- Did you know that 20%-30% of new movers never fill out an NCOA card?
- Addresses can also contain inaccuracies and fail to match the NCOA database requiring additional hygiene and standardization.
2. You haven’t changed your processes in years
Naturally, your data degrades over time without proper maintenance. Data quality tools and processes are continually evolving.
- How are you incorporating new technology and tools into your total data quality program?
- When was the last time you evaluated and updated your processes?
Although there are many powerful data hygiene tools, attempting to combine these without some expertise will introduce additional flaws in your data.
3. You lack confidence in your data
What keeps you awake at night?
- Multiple Processes
- Input fields with similar data (i.e. 3 phone fields, 2 addresses, 2 emails etc…)
- Countless returned fields
How confident are you that you’re keeping the “best records” for each project? DIY data disasters can easily happen if you don’t take the time to evaluate the impacts of a flawed process. If you are unsure how to proceed you can start by contacting our experts or taking the free database challenge
4. The cost of your multiple data hygiene steps is complex
Let’s face it, pricing can be confusing when you are combining disparate tools, vendors, and processes. What is the real cost when you consider the different pricing schemes and order minimums? If you don’t have a handle on this, it might be time to seek outside help from a data expert with one upfront price.
5. Your marketing content is great, but it’s not getting the response you expected
Hours and dollars are invested in marketing campaigns but the results are disappointing. What went wrong? Typically, the issue is poor-quality data. Data quality is the least expensive part of your marketing that drives the most expensive part.
We can help you avoid these issues and boost your customer response with our proprietary process, Xcelerated ONE™.