In today’s world data has become the primary business driver, pretty much like that of an engine in a train. The locomotives are the brain and muscles of the railway system that makes the train mobile. Similarly, data is the engine that enables business across its full interlinked parts. It acts as a lead and carries with it the various compartments like finance, sales, marketing etc.
While data drives business, there are two additional characteristics that is required for it to be qualified as the lifeline of business. It should be “clean” and “relevant”. They are the two rails that guide the train and provide the traction.
The sales and marketing function is a good example that illustrates how data becomes critical for the business. Sales teams are constantly looking for the best prospects to deliver revenue goals. Right data is the base on which their success is built. Data about the target companies, people and their contact information, data about decision makers and company focus areas are some of the details sales folks are constantly looking for to target the perfect prospects to pitch their business. Any wrong or insufficient data increases their effort and irrelevant data make them go down the wrong paths, robbing value from the business. In short, data helps sales teams and in turn, businesses move forward.
What is the impact of bad data?
- Campaign targeting would be futile as you are trying to communicate with contacts that do not even exist
- Strategic decisions based around dirty data are likely to fail
- You end up losing valuable dollars on marketing and sales efforts
- Your conversion rates drastically decline
- Huge opportunity costs that probably is helping the competition.
Data quality is an absolute necessity because the basic functions and decisions in an organization depend upon data, and if it is not hygienic, it severely affects the competitiveness and even the survival of the business.
Data is fungible and will always be going bad. The remedy to heal bad data would be to cleanse it – on demand and without much effort. To ensure that your database has not passed its shelf life, it needs to be sourced from reliable sources, checked for accuracy, processed, automated, and enriched near real time. Exactly what Mobius Data Studio has been designed for and proven itself many times over.
Mobius Data Studio is a combination of advanced technology, automated processes and expert human skills. This unique approach enables it to crawl and deliver high-quality data from numerous sources, checking for recency, accuracy and reliability saving time and efforts on QC/QA.
The basic idea is to help you deal with your dirty data and to give your database a makeover so that your ‘data journey’ is smooth and beneficial without any engine hiccups.
Don’t let your business derail ☺