Data quality refers to the overall utility of a dataset(s) as a function of its ability to be easily processed and analyzed for other uses, usually by a database, data warehouse, or data analytics system.
Data quality is important because without high-quality data, you cannot understand or stay in contact with your customers. In this data-driven age, it is easier than ever before to find out key information about current and potential customers. This information can enable you to market more effectively, and encourage a loyalty that can last for decades. Rest assured that if you are not convinced of the importance of data quality, your competitors are, and they will not hesitate to strive for the best data to improve their own competitive advantage.
One of the major benefits of utilising high quality data is a reduction in costs. Businesses can make accountancy savings through a unified approach to credit control and billing, as well as reduced mailing costs. they can save money through improved productivity.
Many businesses experience an increase in sales as a result of investing in good data management. A structured approach to managing data can allow for more effective cross-selling and up-selling, as well as improved customer relationship management.
Businesses can also use the high quality data they collect to investigate industry trends and spot gaps in the market for new product or service launches.
Today customers expect a personalised shopping experience and this is exactly what you can offer by investing in high quality data. The better the quality of your data, the easier it will be for you to provide the personalised approach your customers require.
A final benefit of data quality is that it will allow you to make better business decisions. You will be able to use it to deploy your staff efficiently and reduce risks to your organisation.
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