THE BENEFITS OF DATAQUALITY TO YOUR BUSINESS

ACCOUNTANCYSAVINGS

LOWER COSTS OF MARKETINGAND DIRECT MAIL

LESS TIMERECONCILING DATA

REDUCED COSTS

THE BENEFITS OF DATA QUALITY TO BUSINESS ARE NUMEROUS AND OFTEN DIFFICULT TO MEASURE AS MANY ARE INTANGIBLE. IN THIS INFOGRAPHIC WE DISCUSS A RANGE OF BENEFITS TO ENCOURAGE BUSINESSES TO INVEST IN THEIR DATA QUALITY THROUGH A STRUCTURED DATA MANAGEMENT APPROACH.

A MAJOR BENEFIT OF IMPROVED DATA QUALITY IS A REDUCTION IN COSTS, HERE ARE A FEW EXAMPLES:

UNIFIED CREDIT CONTROL AND BILLING – HAVING CUSTOMER RECORDS ALL IN ONE PLACE

WILL CREATE AN ABILITY TO CONSOLIDATE CREDIT CONTROL AND BILLING ASPECTS, WHICH

IS MUCH MORE EFFICIENT

REDUCED MAILING COSTS - THIS ALSO HAS AN ENVIRONMENTAL BENEFIT/IMPACT

REDUCE STATIONERY AND MAILING COSTS ASSOCIATED WITH GONEAWAYS AND

DECEASED PEOPLE

WITH LOW QUALITY DATA STAFF AND CUSTOMERS CAN SPEND FRUSTRATING TIME

TRYING TO RECONCILE DATA ISSUES AND “MAKE SENSE” OF ANOMALIES/ERRORS

INCREASED SALESIMPROVED DATA QUALITY LEADS TO AN INCREASE IN SALES, HERE ARE JUST A FEW WAYS OF HOW THIS IS ACHIEVED:

REGULATORYCOMPLIANCE

CUSTOMERSATISFACTION

STAFFSATISFACTION

REGULATORY, COMPLIANCE & PRIVACYIMPROVED DATA QUALITY LEADS TO AN INCREASE IN SALES, HERE ARE JUST A FEW WAYS OF HOW THIS IS ACHIEVED:

IMPROVED CUSTOMERRELATIONSHIP MANAGEMENT (CRM)CUSTOMER PROFILING - IMPROVED TARGETTING OF THE MOST PROFITABLE CUSTOMERSIMPROVED RETENTION OF CUSTOMERS

INCREASED RESPONSE RATES

UP-SELLING

BETTER DATA GIVES

COMPANIES THE ABILITY TO

SELL ADD-ONS, UPGRADES,

ETC. FOR A SALE

LAUNCH NEW PRODUCT

AND SERVICES

INVESTIGATE DATA TRENDS

TO INFLUENCE NEW

PRODUCTS AN SERVICES

SALESALECROSS-SELLING

BETTER DATA ENABLES

SELLING AN ADDITIONAL

PRODUCT OR SERVICE TO AN

EXISTING CUSTOMER

PREMIUM OFFER

INCREASED CUSTOMER ANDSTAFF SATISFACTION

DIRECT MARKETING ASSOCIATION GUIDELINES – IMPROVED DATA QUALITY WILL LEAD TO

COMPLIANCE WITH DMA GUIDELINES

ISO - THE ISO 8000 – DATA QUALITY IS BEING DEVELOPED. ONCE LIVE BUSINESSES WILL BE

ABLE TO CLAIM COMPLIANCE WITH THIS STANDARD FOR GOO DATA QUALITY

MANAGEMENT

MAILING & TELEPHONE PREFERENCE SERVICE – GREAT DATA QUALITY MANAGEMENT WILL

ENABLE COMPLIANCE WITH MAILING & TELEPHONE PREFERENCE SERVICE, IN

PARTICULAR REMOVAL OF CUSTOMER RECORDS WHO DON’T WISH TO BE CONTACTED

PROTECTPRIVACY

METADATA TAGGING – PRIVATE INFORMATION NEEDS TO BE

TAGGED AS SUCH

REDACTION OF SENSITIVE INFORMATION – SENSITIVE INFORMATION NEEDS TO BE MARKED AS SUCH AND ANY

REPORTS/INFORMATION RELEASED NEED TO HAVE THIS

DATA REDACTED

INCREASED PERSONALISATION – THROUGH IMPROVED DATA QUALITY A MORE

PERSONALISED APPROACH CAN BE ADOPTED

IMPROVED CRM AS IDENTIFIED EARLIER IN THIS INFOGRAPHIC

LESS DUPLICATED MAILING AND CONTACT THROUGH UNIFIED RECORDS

PROTECTION OF BRAND / COMPANY REPUTATION – DATA QUALITY

ENHANCEMENTS CONSIDERABLY IMPROVE AND PROTECT BRAND REPUTATION

BETTER DATA ACCURACY = IMPROVED DECISION

MAKING

SOURCES:

1) HTTP://WWW.ORACLE.COM/US/PRODUCTS/APPLICATIONS/MASTER-DATA-MANAGEMENT/ROI-FROM-DATA-QUALITY-168367.PDF 2) 2) 3) HTTP://DOWNLOAD.101COM.COM/PUB/TDWI/FILES/DQREPORT.PDF

LESS WASTED TELEPHONE CALLS –STAFF WILL BE GRATEFUL TO NOT CALL INACCURATE TELEPHONE

NUMBERS, THIS WILL REDUCE FRUSTRATION, SAVE TIME AND IMPROVE EFFICIENCY

LOWER BOUNCED E-MAIL RATE –FOR EMAIL MARKETING CAMPAIGNS BOUNCE RATES WILL

SIGNIFICANTLY INCREASE WITH REGULAR DATA CLEANSING

LOWER LEVELS OF RETURNED POSTAGE –FOR REGULAR AND MARKETING RELATED MAIL MUCH

LOWER LEVELS OF POST/MAIL WILL BE RETURNED IF ADDRESS DATA ACCURACY IS IMPROVED

COMPLIANCE WITHLEGISLATION

ELECTRONIC PRIVACY AND COMMUNICATIONS ACT 2002/2003 – ORGANISATIONS HAVE A RESPONSIBILITY TO ENSURE THAT DATA IS ACCURATE, UP TO DATE AND PROTECTED (THERE ARE A RANGE OF DUTIES HERE)

FREEDOM OF INFORMATION ACT – CUSTOMERS HAVE A LEGAL RIGHT FOR PERSONAL

INFORMATION HELD ABOUT THEM TO BE RELEASED UNDER THE FOIA. ORGANISATIONS

CAN ONLY RELEASE THIS WITH GOOD DATA MANAGEMENT PRINCIPLES

VARIOUS OTHER LEGISLATION – THERE ARE NUMEROUS OTHER ACTS OF PARLIAMENT

WHICH CAN BE COMPLIED WITH MORE EASILY THROUGH IMPROVED DATA QUALITY

HERE ARE JUST A FEW EXAMPLES OF HOW IMPROVED DATA QUALITY LEADS TO IMPROVED CUSTOMER

SATISFACTION:

HERE ARE JUST A FEW EXAMPLES OF HOW IMPROVED DATA QUALITY LEADS TO IMPROVED

STAFF SATISFACTION:

IMPROVED DECISION MAKING / LOWER RISK

IT’S ANEQUATION

INTEGRATED FRONT AND BACK END DATA – DATA

QUALITY IMPROVEMENTS AND PARTICULARLY A

SINGLE ACCURATE DATA SOURCE BETWEEN FRONT AND BACK END SYSTEMS

WILL HELP GREATLY

SINGLE VERSIONOF THE TRUTH

INCORRECT DECISIONS CAN BE TAKEN WITH THE

WRONG DATA ABOUT STAFF ALLOCATION,

IMPROVED DATA WILL MAKE THESE DECISIONS

BETTER MORE OFTEN

LESS INEFFICIENTDEPLOYMENT OF STAFF

IT STANDS TO REASON THAT IF BETTER DECISIONS ARE BEING MADE DUE TO IMPROVED DATE QUALITY THEN THE ORGANISATION

IS AT LESS RISK

BETTER DECISIONS = LOWER RISK