Today, data management is often considered an optional cost factor, and is therefore postponed until later, when problems can be affected.
Data management is always viewed as an optional cost item, and is posted later, if problems can be affected. It could have a serious economic impact: according to Gartner’s 2020 analysis of data quality management solutions, more than 25% of the company’s most critical data is inaccurate, to the point that the average cost of poor data quality data can reach 11 million. euros per year for organizations. However, if it is well-mastered, especially through ethical analysis, it can improve customer experience and business performance, and it is a real source of value.
The art of data …
CRM is the key part of the architecture that enables the implementation of customer data quality management processes. For the most complex cases, especially in the presence of multiple and heterogeneous data sources, it is associated with an MDM. The goal is to achieve unique, up-to-date, accurate formatting and complete data as much as possible.
Poor quality, even inaccuracies or data errors, non -compliance with enforced regulations can lead to pure and simple loss of a customer. It is also responsible for a significant decrease in productivity if the computer processing process is poor or if the recorded data does not bring any benefit. For example, the Harvard Business Review estimated in 2017 that a task performed with incorrect data would have a cost 100 times greater than a task performed using previously verified and correct data.
Interest in useful data
Quality data reveals how well a company knows its customers. He was allowed to contact them, interact with them and have a 360-degree view of their history. So this is above all useful data. This is not a question of striving for perfection because this approach can paralyze the establishment of an efficient data quality management process. The data needs to be business -tailored and not end in itself. We also need to be aware that the system can cause difficulties and be prepared for it. In fact, any management rule has potential impact, especially because of the risk of positive errors, often combining two duplicates that are actually equivalent to two different customers.
The challenge is to figure out what risks a company is prepared to allow in relation to the benefits it derives from them. Priorities must first be identified by analyzing more or less problem points to understand the levers to activate. In addition, the more quality procedures are combined with surgical practices, the fewer the risks associated with post processing. Also, their knowledge and training are important factors for successful data management.
Keystone of predictive marketing
Thanks to ethical data, it is now possible to anticipate buying ethics, customer needs and tastes, as well as marketing trends: this is predictive marketing. But in order to have predictive marketing, it’s important to start by building a relevant memory base by implementing a strategy of collecting and consolidating behavioral data (e.g. purchase types or pages consulted with relation to A brand). Injecting this information into tools that are more easily accessible now, as they are gradually becoming more democratic, especially thanks to AI, makes it possible to generate predictions. Salesforce gives its customers the conviction that they can do predictive marketing without having to call on the skills of a data scientist, as long as they are equipped with tools that are compatible around their CRM.
However, for the method to be effective, the available data must be sufficiently comprehensive. Thus, the consumer who wants to be entertained and aware of the latest news from a brand will be grateful that his or her expectations are precisely targeted. In part, the company will benefit from various additional services to be offered to its customers. For example, a bank or an insurance company can predict a family’s needs and present them with the various solutions they need in advance (opening an account, insurance contract, etc. ). The company can also prevent the loss of customers and take re-engagement actions.