Data is big business right now. Brands of all shapes and sizes are starting to see the benefits of having quality data versus loads of data they can’t really use.
Approximately 83% of organizations see data as an integral part of their business strategy, but 69% say inaccurate data continues to undermine their efforts.
Data quality makes all the difference in how you run the business and how successful the business is. Low-quality data has a negative impact on business processes and keeps your team from achieving revenue targets.
Here’s more about why quality data management is important to your brand’s success, along with ways a CDP (customer data platform) lends support.
Why is Data Quality Management Important?
Data quality management is important because it allows you to make better decisions and lower overall risk. It also helps increase revenue because you create more effective marketing strategies based on real and relevant data.
When you have quality data, you’re able to create cost-effective campaigns because you’re not wasting time using irrelevant or archaic data. You’ll also waste a lot less time on strategies that aren’t working for the business.
Poor quality data means:
- Inability to make smart business decisions
- Wasted marketing and communications efforts
- Increased (and wasted) spending
- Inaccurate and incomplete customer data
Quality data gives you a competitive advantage in identifying markets and opportunities before the competition. It allows you to build better relationships with your customers based on reliable data. You not only understand your customers better but also give them content that they can relate to.
Quality data is measured by the Conformed Dimensions of Data Quality, which are:
Even though data quality management is obviously important, U.S. companies are having a major problem keeping data current. And, this problem is costing them more than $600 billion per year. So what’s the solution?
3 Ways a Customer Data Platform Improves Data Quality
A customer data platform is one of the best ways to dramatically improve the quality of your data. A CDP empowers your team to get more value from all of your data to positively impact the business as a whole.
A CDP like SkyPoint Cloud comes with customer 360, identity resolution, and predictive analytics, which all team up to offer complete customer profiles that drive actionable insights.
1. Customer 360
Customer 360 gives you real-time, comprehensive insights at a glance for every customer. Think of all of the places where you collect and store customer data—your CRM, Shopify, your marketing automation system, Google Analytics…information is spread out everywhere.
By having up-to-date information easily accessible through a single customer profile, you not only eliminate data silos and data unknowns but also truly provide personalized experiences with actionable and accurate insights.
2. Identity Resolution
Identity resolution uses artificial intelligence (AI) and machine learning (ML) to identify incomplete information so you are able to resolve inconsistencies and greatly improve data quality.
SkyPoint’s identity resolution only allows the highest quality of data into the match process. Everything is automated, which not only saves your team time and increases their capabilities but also ensures further levels of data accuracy and completeness.
3. Predictive Analytics
Predictive analytics leverages AI and ML to create new dimensions for understanding and segmenting your customers into high-performing audiences. Predictive models leverage unified customer data (thanks to customer 360 and identity resolution) to present unseen engagement opportunities across even the most intricate purchasing paths.
With all of these combined capabilities in one customer data platform, you legitimately “know your audience” and are able to have relevant, timely, and effective interactions with each of your customers.
Improve Your Data Quality with SkyPoint Cloud’s CDP
To illustrate how this works in the real world, let’s look at a retailer that is improving data quality by using SkyPoint Cloud’s CDP.
A retailer with an online and brick-and-mortar store used phone numbers as an identifier when a customer was checking out of their store. They ended up with a ton of bad phone numbers—all nines, all zeros, etc.
On the surface level, this retailer thought they had a really high phone number capture. So they started rolling out text messaging campaigns that were big flops due to customer data inaccuracies.
After partnering with SkyPoint Cloud, this retailer was able to change its workflows so that phone numbers weren’t required as an entry point.
The quality of the phone numbers they captured improved significantly. And, SkyPoint was able to match people who were using their email address for the online store, but using a phone number in the store. Overall, this retailer gained a much higher degree of certainty with all of its customer data.
When each customer data point is telling a different story, it’s endlessly and needlessly confusing for your team.
SkyPoint makes it easy to implement data-driven strategies that combine predictive analytics with customer 360 and identity resolution to build a truly personalized and relevant experience for every single customer.
Partner with SkyPoint Cloud if you’re ready to take back control of quality data management and offer superior customer experiences.