Chief executives, chief marketing officers and IT heads can all agree on one thing – the importance of utilising high-quality data to make decisions, with this process becoming increasingly central to many UK businesses on a cross-departmental basis.
This was highlighted through a recent global report from Experian Data Quality, which found that an impressive 99 per cent of companies understand the importance of an information analysis strategy.
“Data is the oil that keeps the business cogs turning and like oil, data must be broken down and refined in order to extract value,” explained the study.
Common issues and errors are having an impact on the quality of information utilised by companies, despite their awareness of the potential benefits well-managed data can offer.
Some 44 per cent of respondents suggested that missing or incomplete data is their biggest problem, while 41 per cent think outdated contact information is causing them the most issues.
Worryingly, 86 per cent of firms expressed the feeling that their information could be wrong in some way.
British businesses are wasting almost £200 million a year on processing or attempting to act on poor-quality data, according to Experian.
As multi-channel strategies and other complications make the cost of these mistakes more pronounced, it is vital that companies take steps to ensure they are dealing with information effectively and weeding out as many errors as possible.
The core cause of data errors varies – issues cited by respondents include the possibility of human error, poor internal communications, lack of resources and inadequate strategising.
While it cannot address all of these problems, CRM software can help companies that are struggling to manage and analyse their information by centralising its location and ensuring staff in all departments can access it.
Firms that want to improve customer satisfaction and behave more efficiently could see a great deal of value from investing in such a system.
Click here to find out how Microsoft Dynamics CRM can help make your operation more streamlined.
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