No data is clean, but most is useful- Dean Abbott
One of the common business goals of any business is to maintain a clean database. For companies that look to grow, this is success mantra. Having a reliable customer database can be one of the most valuable assets to a business. It guarantees business growth & success. Validating & growing your data with right strategy plays crucial role in business.
A report from Experian’s Global Data Management shows 95% of the C-level executives believe data is an integral part of their business. Data is a significant asset of every company. But if you think all data is valuable then you’re wrong. Collecting data seem to be a tough job, but actually maintaining high standards of data quality helps to grow your business.
In this blog we will be discussing the importance of verification & validation of data. We will be covering why data quality plays a key role in the marketing world.
Data Quality:
From a layman’s point of view, data quality measures how well data serve its intended purpose with its accuracy & relevancy. For all high quality data, we are referring to the data & its result which will be empowered, informed to make data driven decision for running the business smoothly. Data helps to understand & improve business by effective utilization of time & money.
Importance of data verification has been realized more in the global panademic. When 35% of the lead data submitted via forms are defective, data validation services have become one of the important tools for every business. This ensures data is always clean, accurate & reliable.
Data Validation:
Data handling includes collecting information, analyzing data or presenting details to stockholders. It is considered as one of the essential part of data handling task. Though data validation is a critical step in any data workflow, it is skipped in most the cases. It is a common myth that data validation slows down the pace of work, but actually its outcome is commendable. With the advent of various automated validation processes, proper validation workflow can be implemented.
Have you ever wondered why data verification?
Data verification is integral part of any project. And it is one of the key activity why companies dependent on outsourcing. Based on budget and business partner’s data verification services comes in. Generally, data verification service providers let you to be assured of documents. They examine the data consistently over a regular interval of time. While validating data inputs, the team should validate corresponding values as well. Along with data & values, the data model must be evaluated.
Data Verification:
The process of checking various categories of data for its completeness, accuracy & consistency against a trusted source is referred as Data Verification. As global pandemic hit us hard, the biggest challenges for IT, sales & the marketing department of the organization is providing the best better customer experience & service. With verified customer contact data, any organization can do better in analyzing customer behaviour to offer personalize offerings. Along with data verification process data enrichment can also enhance its usefulness. A customer database is one of the valuable assets a business possesses. There are two types of data verification. They are full & sample verification. In first one all data checked for its accuracy while in the latter one small sample of data. When data are verified we can review everything from spelling errors to inappropriate numbers. Every business must understand small percentages of outdated or erroneous data can negative effect on marketing & sales campaign. On the other hand, if data are verified accurately it can provide you the following benefits.
- Reduces time spent on prospecting
- Shortened sales cycle
- Can segment customers
- Reduces time spent on time & resources
- Improved campaign engagement
- Improved Campaign ROI
- Increases employee morale
Steps in Data Verification:
Identify the data Sample:
When you‘ve large amount of data you must check the sample of data rather than investing time on the entire data set. You need check the amount of data sample and allowed the error rate to ensure success.
Verify the database:
Before migrating or moving data, you must ensure all necessary data exist in the provided database. First & foremost, we must determine unique number of records for source & destination data fields.
Determine data format:
Analyze & determine the overall state of the data & what changes must be done on the source & target scheme. This ensures the data you use is correct, consistent & most valuable assets for the business.
Here are top benefits of data verification services:
Boosts Profits:
If a company strives to verify data internally, lots of efforts, time & money should be invested. Core function can be affected if lots of time spent on data verification. Delegating this task to a third party can help to improve your profits drastically. If a large amount of information is managed & well organized data verification is a quite easy job.
Reduces TCO:
Hiring or outsourcing call centre services ensure huge cost reduction for an organization. All saved money can be used for the betterment of the organizations products, services & core business function. By doing this you can stay assured of the credibility of the business process & it directly reduces the total cost of ownership.
Satisfied customers:
Satisfying different segment of customer is a tough & tedious process. Hence it is better to avail the best services from the reputed organization. Hiring best outsources services or establishing best business collaboration can be effective & productive.
Quick Turn around Time: outsourcing enables to use dedication resources for verification & validation. Though in-house resources can be used, having additional responsibilities may delay the process. With the third party services you can expect an accurate result for your business.
Better Business decision:
With more accurate, reliable & trustworthy data you can make meaningful decisions for business which leads to better customer acquisition. In any business everyone from c-level executives to customer facing employees should make a decision on a day to day basis. And these decisions play a key role in taking the business to next level.
Importance of data driven decision making in business:
The process of using data to make an informed decision is often referred as Data Driven Decision Making. In the internet era with modern analytics tools & interactive dashboards best strategies can be rolled out with collected data. Data based decision making provides real time insights & predication to optimize different business strategies for the business.
Benefits of data validation in business:
- Defines business objective clearly
- Helps to find trends and patterns
- Presents data in a smart way
- Improves your data driven business decision
- Increases profit
- Reduces cost
- High level of customer satisfaction
- Increased productivity
Wrapping up:
Making business effective in the internet era is tough & challenging. With right data verification process, you can investigate the business to idea areas to be improved & improve sales. Data Marketers Group being pioneer in the email database service offers high quality data verification services.