23. August 2013 10:57
The volume and the source of data being captured in today’s markets needs constant monitoring. Companies can quickly get to the situation where they have a large volume of data that is neither meaningful nor accurate.
Meaningful data is data that you can action to improve a service or obtain a better understanding your customer base. With the decline in costs of holding databases this has led to companies retaining all data, which in turn has led to ‘Just In Case’ culture. Important information cannot be heard amongst the volume of other meaningless noise leading to less knowledge.
Therefore a regular review of why the data is kept is required to determine what information/value does it provide, a good question to ask is “So what” can I do anything with that information, if not park it.
Accurate data is easier to define and obtain, once the data has been aggregated into the same format it is then easy to remove duplicates and use the data. It is possible then to append additional data such as telephone numbers or to see if any customers have moved or died, all of this is adding value to your database.
To help both processes it is essential to look at how the data is coming into the company and what can be done at source to improve things. For example using an address validation api on a web form will insure that all addresses are standardised, this will also please the consumer, as it will save them filling in the details. Look at it as automatic doors into a retail unit, encouraging them to come in and buy from you.
If you want to know more about improving the value of your data and increasing your knowledge please ring us on 0151 355 4555.