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How to ensure quality data for your CRM? Customer data churns due to various reasons. This culminates in poor data quality across the enterprise. Apart from inducing wrong decisions, faulty data cost millions to companies. This PPT takes a snapshot on how data erodes and explains the core competency of Data Check Central with regard to data management solutions.
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Reasons for Poor Quality Customer Data and how to update with Fresh Data Data Check Central Inc. Prepared by: Clive Thurston Why CRM Fail?
What is Data Quality?Data quality is summarized as the accuracy of particular piece of data meeting the needs of the business. Data Quality is when your data have the following attributes: Clear meaning Correct values Understandable format
Principles of Data QualityConfident data add value to your business. Information quality assured provided is Accurate (correct data) Comprehensive (relevant for taking decision) Valid (confirms to recognized format) Timely (up to date) Maintained(free from variation or contradiction)
Why is Data Quality Important?Reliable, accurate and timely data is critical to the efficient functioning of business operations and company's long-term competitive advantage. Maximizes productivity from CRM Assists operational management and strategic planning Expands customer base Increased customer satisfaction Ensures regulatory compliance
Common Sources of Data Errors Data input errors by employees & customers External Data - Third party sources Data Migration or project conversion
Employees & Customers InputWrong data entered into the database either by mistake or by intentional act Misspellings / Transposed numbers Purposeful misrepresentation of data Data placed in the wrong fields Incorrect or missing codes Junk names or wrong domains Abbreviations given to data Erroneous data entered by customers to protect their privacy
External Data Inconsistencies Incomplete - missing fields Incorrect- Incorrect pairing of codes, wrong calculations Incomprehensible- Weird formatting & wrong format Inconsistent - Different codes with the same meaning, inconsistent names and addresses & inconsistent business rules
Data errors from Data migration/ Project conversion Data Non-conformity -- Information stored in Non-standard format Inconsistent Data -- Merging various system results in data inconsistencies and wrong data representation Inaccurate Data -- Data deteriorates with time, this mounts errors during migration Data Integrity -- Missing relationship can degrade the quality of data
Cost of poor data quality to your business? Overlooked sales opportunities Reduced employee productivity Customer dissatisfaction Unproductive results from CRM Poor decision making faculty
Data Check Central – Data solution Check Check Central offers data solutions tailored to your business. We assess, improve, and ensure consistent data quality in your organization. We offer four point program to assess and improve the quality of your customer/marketing data. Our process includes: Data Appending Data Cleansing & Improvement Data Modeling Data Migration and Integration
Benefits from Perfect Customer Data- Eliminate unnecessary data records Appends fresh data Identifies and corrects inaccurate data Reduces data input errors - Validate data at input Eliminate false null values Ensure data values stay as per business Establish and apply data standards.
Finally use data to improve marketing ROI Develop “best customer” profile Develop up-sell and cross-sell opportunities Develop multi-channel marketing - email, direct mail, phone calls, fax, etc. Develop targeted customer communication
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