Companies must stick to honest means of collecting data
- May 16 2013, 15:33 PM
It’s universally agreed that big data holds the keys to business innovation in the years ahead. By compiling as much information as possible on their customers, their demographic information and the trends that influence their spending decisions, corporate leaders can make educated decisions about their futures. Arguably the most significant element of competition in the business world going forward will be for data, as a 21st-century arms race will ensue between corporations looking to compile more information and outsmart their competitors.
Element of surprise can assist big data in marketing campaigns
- May 15 2013, 15:08 PM
Big data is universally respected as a key element in marketing. The more you have, the more analysis you can perform on your industry, and the more influence you can gain with potential customers. But according to Harvard Business Review, there’s another important element that must work in conjunction with big data - the element of surprise.
Small-scale data analysis can be just as important as big data
- May 13 2013, 15:33 PM
Many firms emphasize data quality because of the perceived importance of big data - the general consensus is "more is better," and corporate IT departments often work tirelessly to amass as much information on consumers as possible. But lately, another school of thought has begun to emerge. Perhaps size doesn't matter - it's not the amount of information in one's database that counts, but rather, its accuracy and relevance that matters more.
Companies face many challenges with ensuring data quality
- May 10 2013, 17:10 PM
For companies looking to leverage the use of data into well-informed business decisions, the challenge of ensuring data quality is tremendous. Many firms are compiling banks of information on every consumer they can find, including financial data as well as basic contact information such as street addresses, phone numbers and email addresses. It may seem like a simple matter to install address verification software and zap all inaccurate data, but ensuring quality is complicated process, and it’s one that poses several challenges for big and small companies.
Data analysis ranks as top IT initiative for companies
- May 9 2013, 15:50 PM
The importance of ensuring data quality can not be understated. In today’s business climate, analytics have rapidly become one of the most significant driving forces behind the improvement of information technology, and data analysis is doomed to failure unless firms address the initial problem of making their data as accurate as possible.
Companies can use 'smart data' to make intelligent business decisions
- May 9 2013, 15:24 PM
With improvements in data quality, companies can accomplish great things in the realm of customer analytics. By gathering consumer information and using verification software to double-check email addresses, postal addresses, phone numbers and more, corporations can build deep coffers of knowledge that they can in turn apply to intelligent decision-making about the futures of their enterprises.
Maintaining accurate data helps financial institutions service customers
- May 7 2013, 11:57 AM
While every company has a need for data quality, financial institutions are perhaps the best equipped to put their data to use, compiling accurate contact information, financial statistics and demographic knowledge on their customers, which in turn can help them perform customer analytics.
Real-time data has lasting impact on healthcare industry
- May 6 2013, 15:11 PM
All companies that go to great lengths to ensure data quality are able to reap tremendous benefits. By accumulating accurate knowledge of consumers, their finances and their demographic information, firms can leverage that data into advanced metrics that help them determine the future of their enterprises.
Data quality emerges as key driving force behind business management
- May 2 2013, 23:03 PM
If there was ever any doubt about the importance of data quality in the process of making important business decisions, recent research from Inside Reference Data should be enough to quell that doubt. IRD recently held a webcast for business executives in which data management was discussed, and many identified quality data as a top priority.
Data quality can have positive impact in business intelligence
- May 1 2013, 17:30 PM
Once companies have performed their due diligence to ensure data quality, they can begin the task of channeling their accurate information into business intelligence initiatives. There is a lot of debate about the exact meaning of the words “business intelligence,” but more or less, it entails taking massive amounts of customer data and using it to make intelligent decisions about the future of a company.
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