Businesses continue to collate more and more data. However, what is key to a company’s strategy is the successful interpretation and application of customer data. To get the best results, managing and maintaining key information requires a structured and well-planned strategy. But before you can analyse your findings, centralising your dispersed data via a single platform and by definition, creating ‘one single version of the truth’ is the first step on the road to data management success.
In this blog, we highlight 5 reasons why centralising data will enhance your business.
Accurate data analysis enriches business decisions
Having access to accurate and organised data analysis gives management the ability to spot trends and make effective decisions, which are used to guide the entire organisation, consistently.
Data maintenance is simpler
Data integration through a central repository allows users to make updates to the information, with any change then proliferated throughout the organisation. This avoids having more than one set of data that requires constant synchronisation. Each department can then adhere to cross company processes and workflows, saving time and improving productivity.
Centralisation helps improve data integrity
A recent report conducted by the British Royal Mail highlighted that around 6% of businesses’ annual revenue is being lost through poor quality data. Information in a business is never static and will require frequent updating. A data audit at the point of implementing data centralisation can help establish a trustworthy baseline, from which you can set up a continuous data hygiene regimen and policy to improve data quality. Gaps in records can be quickly identified and resolved, ensuring you can be confident that you have trustworthy data in order to produce accurate trend analysis.
Historical data improves customer management
Having a central repository provides a historical intelligence aspect, which can be used when a customer makes contact. In addition, customer issues and complaints can be tracked and dealt with more effectively.
Investing in a good central data repository leads to higher ROI
Companies that have implemented central data repositories, such as a CRM, have reported generating more revenue over companies who have not made the investment. As data is such a huge asset for a company, effective data management is critical to the success of a business. Having a central data repository leads to better decisions, higher productivity, greater efficiency and better informed employees. Implementing a central data repository allows businesses to operate at an optimum giving the company a competitive advantage.