Benefits of data quality to your business
1
THE BENEFITS OF DATA QUALITY TO YOUR BUSINESS ACCOUNTANCY SAVINGS LOWER COSTS OF MARKETING AND DIRECT MAIL LESS TIME RECONCILING 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 SALES IMPROVED DATA QUALITY LEADS TO AN INCREASE IN SALES, HERE ARE JUST A FEW WAYS OF HOW THIS IS ACHIEVED: REGULATORY COMPLIANCE CUSTOMER SATISFACTION STAFF SATISFACTION REGULATORY, COMPLIANCE & PRIVACY IMPROVED DATA QUALITY LEADS TO AN INCREASE IN SALES, HERE ARE JUST A FEW WAYS OF HOW THIS IS ACHIEVED: IMPROVED CUSTOMER RELATIONSHIP MANAGEMENT (CRM) CUSTOMER PROFILING - IMPROVED TARGETTING OF THE MOST PROFITABLE CUSTOMERS IMPROVED 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 SALE SALE CROSS-SELLING BETTER DATA ENABLES SELLING AN ADDITIONAL PRODUCT OR SERVICE TO AN EXISTING CUSTOMER PREMIUM OFFER INCREASED CUSTOMER AND STAFF 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 PROTECT PRIVACY 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 WITH LEGISLATION 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 AN EQUATION 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 VERSION OF THE TRUTH INCORRECT DECISIONS CAN BE TAKEN WITH THE WRONG DATA ABOUT STAFF ALLOCATION, IMPROVED DATA WILL MAKE THESE DECISIONS BETTER MORE OFTEN LESS INEFFICIENT DEPLOYMENT 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
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Transcript of Benefits of data quality to your business
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
