It doesn’t matter what kind of business you run, you will be dealing with a lot of data on a regular basis, including internal and external data. This data can be very valuable for a business since it’s used to make decisions and can make or break a business.
This is why it is very important to ensure that the quality of your data remains reliable. However, sadly, most businesses struggle when it comes to maintaining data quality.
If you’re like most businesses, then we suggest that you opt for a data quality tool. It can help your business rise and provide better services to your customers.
In this article, we’ll have a look at some of the main reasons why you should opt for a data quality tool.
Let’s get started::
What is a Data Quality Tool?
Data quality tools are programs designed to identify, understand, and correct flaws in data. The term also includes technologies, strategies, and processes involved in maintaining data.
Different data quality tools do different jobs. Some remove redundancy, some highlight outliers, some pinpoint, identify, or correct typos.
All these pointers are important because poor quality data will give you poor quality results. WinPure offers a variety of tools that can be used to improve the quality of data. These include WinPure Clean & Match. This award-winning tool can be very effective in saving time and money. It’s among the top-rated data cleansing and matching tools and is very easy to use.
Our software offers all the benefits you’d expect from a data quality tool. Now without much ado, let’s talk about why your business needs a data quality tool:
Reasons Why Your Business Needs a Data Quality Tool
Here are some reasons why it may be a good idea to consider using a data quality tool:
#1 Improved Returns on Marketing
Businesses need to market products and services in order to reach more buyers. It doesn’t matter how good your product is, you will never be able to make sales unless people are aware of what you have to offer and why they should invest in it.
Data can help a business knows what kind of product sells more or what customers want. Marketing is all about finding your target audience and convincing them to come to you.
Almost every business out there is for the same thing. They want to turn potential customers into customers as it’s the only way to grow your business. This is why they need data.
Data can help answer questions like:
- Which products to sell more
- Should we increase the price or not?
- Which market to strike again
Having concrete answers to these questions can help a business decide the right strategy.
#2 Better Customer Support
At the end of the day, it is not about the product, it’s about the experience you offer your customers.
Today’s customers do not purchase a product. They purchase experience. They want to work with a company that fully caters to their needs and offers them exactly what they want. For many buyers, customer service is a top priority, especially when it comes to the service industry.
Data can help businesses know:
- Which service buyers want
- Where they lack
- What improvements they can make
- If they should charge more or less for what they offer
Answers to these questions can help a business improve customer service and get better reviews.
#3 Cost and Time Saving
This one is a no brainer. If you have poor or incorrect data, you will end up wasting a lot of time and money.
Think from the perspective of a mailing list. It costs to draft and send emails. If there are a lot of repetitions or if the data is incorrect, then you will end up wasting your valuable time and money.
A data quality tool can check your email list and remove duplicates, correct typos, etc. As a result, you will be able to generate more leads at a lower cost.
Data can help businesses:
- Reaching more people
- Reducing the cost of acquiring new clients
#4 Better Decision Making
Even the smartest of managers need data to make a decision, be it a decision regarding the launch of a new product or the marketing of an existing service.
Decision makers need the latest, true, and relevant data in order to call the shots. If the data is not clearly presented or if it isn’t true or reliable, then the decision will never be true.
For decision making, data has to be submitted in a neat manner. Most managers prefer it in the form of graphs since visual representation is important to understand what’s being presented.
Plus, you need data to convince others that your idea or suggestion is worth considering. Most senior managers or decision makers will not entertain your suggestion if it doesn’t come with the right backing.
Consider this example. Let’s say you work as an HR manager and you notice that productivity is constantly declining. You interview candidates and find out that most employees want flexible hours. You have reason to believe that allowing employees a little flexibility can improve morale and productivity.
This is a big decision that may have a positive impact on the business but you will need data including the current level of productivity, the expected level of productivity if you go for flexible hours, and the percentage of employees who are in favor of this new policy if you want to convince the boss to consider changing the policies.
So, data helps businesses in:
- Add weight to a presentation or suggestion
- Make a concrete decision after looking at the facts and figures
#5 Fewer Legal Complications
Businesses contain private data of clients and individuals. Thanks to the changing GDPR policies and other such complications, it has become important for businesses to be careful about how they keep this data.
A data quality tool can play an important role in taking care of legal complications and ensuring that all standards are met. Plus, the Data Quality Act can also come into play, especially when it comes to big data.
So, data helps in:
- Ensuring standards are met
- Legal complications are taken care of
#6 Proactive and Not Reactive
Data quality tools allows businesses to be proactive rather than reactive by providing true and current information about the state of a business.
For example, it can tell you when to replace machines or when to hire new employees so that businesses can continue to flourish without a bump.
So, data helps in:
- Highlighting the needs of a business
- Preparing for the worst scenario
#7 Improved Bottom Line
We earlier talked about how quality data can improve leads and result in more sales. This has a direct impact on the bottom line since more sales result in more profit. Plus, the right planning can even help a business achieve the economies of scale.
Data can be very valuable in this regard. It tells the business the cost of each unit so a business can decide:
- How many units to produce, at what cost, and when to sell
- How to reduce wastage
#8 Higher Customer Retention
It costs less to retain customers than it costs to win new clients. However, retaining clients can be a bit tricky since they’re always on the lookout for better options.
The best way to retain clients is to offer them what they want. This is where data comes into play as it tells you more about your customers including the worth of each client, their demands and requirements.
You can use this information to retain customers and improve loyalty.
So, data tells us:
- How to keep customers
- What improvements to bring to increase loyalty
#9 More Leads
Data helps improve leads by telling a business more about potential clients and what they want.
Businesses use a variety of tricks to target customers including email marketing, SEO, etc. All of these tactics offer different results. The idea is to stick to a technique that offers the lowest per lead cost.
You will need data to determine the figure. For example, SEO may bring you 100 new clients per day at a cost of $500. On the other hand, email marketing may bring you 25 clients but at a cost of $100 per day.
Now, if you calculate, you will find that SEO advertising results in $5 per acquisition. Whereas, email marketing results in $4 per client. Based on this, it can be said that email marketing is the better alternative as it brings you cheaper leads.
So, data can help you:
- Determine the right marketing channel
- Identify leads with a higher chance of turning into a paying customer
These were some of the benefits of using a data quality tool. To sum it up, it will help you save time and money by reducing wastage and improve leads and customer retention. Call 855-WIN-0201 today to know more about our data quality tool and how it can help your business.