Data quality is essential to businesses in prospecting and retention efforts. Without accurate data, companies struggle to execute successful marketing campaigns or fulfill customer expectations. Despite the importance of accurate data, a recent Experian QAS study revealed that 45 percent of businesses do not have a data quality strategy.
Organizations without a clear data strategy argue that implementing a master data management strategy can be a daunting undertaking. With so many areas for improvement - contact data, inventory management, constituent records and more - businesses are left tangled in a web of confusion, costs and committee meetings. This does not mean that an MDM strategy is bad. MDM strategies answer a number of data quality questions. However, because those answers come at the expense of large budgetary allocations and IT resources, it’s no surprise that almost half of businesses lack a clear data quality strategy. Taking time to unravel the web of MDM confusion is fair. However, this drawn-out process is leaving businesses vulnerable to data inaccuracies. Businesses, however, can finalize larger-scale data quality strategies while quickly and cost-effectively implementing manageable MDM. Five tips can improve contact data quality along with suggestions for measuring and tracking ROI.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access