Many companies have embraced the constant changes of running a business in a digital world, but how does the data actually stack up? Here we share an article by Sathurnin Bossa at La Nouvelle Tribune about data quality in the new digital future. You can find a translated version of the article below or click here to view the original article in French.
Does the “future of business” pass the data quality audit?
The business world has changed a lot with the arrival of digital technology. Many have already made the transition, but have they really succeeded? Indeed, computerization has led to a multiplication of data. However, if these are not stored or shared correctly, they will not be valued. Today, there are professionals whose job is to increase business performance by implementing good data management policies.
What is a Data Quality audit?
The audit is an assessment that measures the proper management of data in a company. The first step is to target all the data produced and stored in the various departments and the means available to the company to access it. For example, one of the most common recommendations by experts running data audits is to establish a hub with a connection interface. This simplifies the storage and access to data, but it also avoids duplication. Today, agencies specializing in “data intelligence” are now interested in the management of customer data. They offer different processes to enhance data management in order to improve business performance.
Why should we be interested in customer data?
Do you know that companies that offer a personalized experience to their customers increase their revenues 2 to 3 times faster than their competitors? Indeed, improving customer knowledge for a company means several things. To begin with, this makes it possible to offer a more suitable offer by better targeting needs. Second, the personalization of messages generates more customer interest. For example, with automation tools, the open and click rate on advertising emails increases significantly if the messages are personalized. Finally, knowing customers better increases the satisfaction rate, which is very important in a world where opinions are constantly exchanged.
How does a customer knowledge study work?
Experts will travel around the company to check various points. To begin with, it will be necessary to study the quality of the data and to carry out a cleaning in order to delete those which are useless or which do not bring any value, those which are duplicated. Then, the cleaning work is followed by the recovery work. By performing a segmentation adapted to the needs of the company, this will make it possible to better exploit this data. Finally, it is necessary to set up processes which tend towards a better knowledge of the customers by correctly exploiting all the data in accordance with the legislation on the protection of personal data. This will allow you to personalize the experience and increase its ROI.
Behavioral segmentation helps to better understand customer needs and measure loyalty, commitment and attraction to products and services. The implementation of automation tools will help improve the user experience. Indeed, artificial intelligence will make it possible to analyze certain data permanently to propose solutions at key moments. Not only does “machine learning” make it possible to better manage the offer, but it also helps in decision-making through analysis and forecasting tools. Generally, better management of customer data allows companies to increase their ROI in the short term.
This article was originally published in French on La Nouvelle Tribune.
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