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In the past, analytics were reserved for big corporations which seemed to have unlimited resources. Today, more than 56% of enterprises are using analytics to better their business. Analytics is an essential aspect of maintaining a successful business. Many of our clients rely on insights gathered by new data to create their marketing strategy.
Businesses use analytics in the best way it suits their business. Some companies use analytics to help with making knowledgeable business decisions, while other businesses use analytics for key strategic initiatives. Some companies use analytics to help with improving their relationship with their customers and their clients. To make analytics work for your business, you need to know how to get the most valuable information from the data you collect.
The good news is companies are not fighting over data because there is more than enough to go around. The challenge comes with it’s time to examine the quality of data that is collected. According to the Harvard Business Review study, data quality has a long way to go before it’s considered acceptable. If your business is like most companies, quality data is becoming more challenging to obtain. Also, in the study conducted by the Harvard Business Review, research reveals only less than 5% of the data scores collected were considered as acceptable.
Many businesses struggle to overcome the hurdles of collecting valuable data. High-quality data is required to provide accurate insights into customers and their current needs and wants. Without valuable data, your business’s performance can plummet due to unused marketing and communication efforts and incomplete prospect and customer data. Other negative effects of low-quality data include less knowledge when making business decisions and increased spending. These four factors alone make collecting valuable data a priority in every business aspect.
At BizRamp, our Marketing Data Engineers collect, integrate, automate and visualize data to deliver personalised and user-friendly dashboards in near real-time and all-in-one place. These dashboards are accessible anytime and anywhere giving our clients to help them evaluate and understand their marketing spends effectively.
Another way you can manipulate data and make it useful for your company is to use machine learning. Machine learning is beneficial because the computer improves and evolves as it continues to take in new data.
Assessing quality data can be a long and drawn-out process, but it doesn’t have to be. To start evaluating the quality of your data, you need to create a list of at least 100 data records you created or used. Once you have your list, you need to focus on a minimum of 10 primary data elements that are essential for the operation of your business. Your management staff and their teams need to go through each data record and look for errors. We suggest using a two-column spreadsheet to examine the data results. One column should be dedicated to the perfect records, and the other column needs to be dedicated to records that contain errors. Look at the spreadsheet and determine whether you have low or high-quality data.
Data Management Tips
Every business relies on accurate data to thrive and maintain success standards. One of the most valuable business assets is data because it has a long-term effect on the success of your business. Without accurate data, your business doesn’t have much insight about customers and their behaviour. Improving your data accuracy requires the proper tools and technology. We suggest looking for a variety of instances to improve data accuracy, including:
Contact BizRamp to find out how our Marketing Data Engineers can help you collect, integrate and automate your data accurately.