Analytics seems to occupy much of the conversation in the data space: There’s often a significant emphasis placed on why businesses need to get started with analytics and the best ways of doing so. To progress data with an analytics strategy is only part of a larger equation, however, as businesses need to begin with quality data.
Data analytics is next to useless without a solid foundation.
Data analytics is next to useless without a solid foundation of quality information, a database that only contains relevant and accurate data. Businesses also need to consider the necessity of an effective data management approach.
Understanding the need for quality data
Good quality data is the first step toward a business making better use of information, as continuing to use out-of-date and incorrect information will only cause issues.
At the most basic level, quality data will mean staff have to spend less time actually searching for the information they need on a daily basis. Finding a phone number for a certain customer will be much easier if the data has been updated and maintained over time. Everyone will understand the problems when searching a database filled with badly formatted phone numbers and multiple instances of the same information.
Problems are compounded if a business operates across state or country lines, as the formats for information will almost certainly differ depending on the region. In the US, for example, phone numbers receive different area codes and will often differ in length.
But the reason every business will want to ensure data better quality is due to money, the all-important driving force in the modern business world. Having access to quality information means when data is gathered it’s inputted correctly, and there’s no need to spend time and money down the line fixing mistakes. It also means staff won’t waste time searching databases.
In the UK, Northampton Borough Council, when exploring some of the reasons for a council maintaining quality data, found that it’s an excellent way of managing service effectiveness and accountability.
So, with quality customer data continuing to grow in importance, businesses need to understand how to actually locate this information across the various silos and ensure that it’s accessible.
A capable management approach
Boston University explained that data management is essential to enhance data security and to re-use the value of data, something that’s always important to derive maximum value from the information.
A technology-enabled approach is the best way to handle data management, and it’s key to identifying the “Source of Truth” for any particular customer. This helps to find the right information regardless of what system it’s stored in. In effect, when an employee goes to locate the information of a particular customer, they won’t see any duplicate details or incorrectly spelled names.
Master Data Management (also known as MDM) is one of these approaches, and it’s a grouping of the policies, standards and tools that can help to define and manage the critical data of an organisation. Together, these eliminate the inconsistent data that can so often cause issues across the business.
The amount of data that businesses have access to and can utilises continues to grow year after year. While it may often sound like a difficult prospect to control this information and then utilise it, it’s not altogether difficult. By opting to work with a capable provider, a business can ensure that only quality, effective data is ever used.
Get in touch with Mastersoft today to learn more about a better approach for data management, and how we can help you to better manage your information.