Three Steps to Better Data Management in 2023
January 26, 2023
Data management is a vital part of every modern organization. The best businesses today are using their data to inform business strategy, improve customer interactions and ultimately benefit the bottom line. So how can you improve your company’s data management system to reap maximum benefits in the new year? Let’s look at three tips to set you on the right course to start 2023 off strong.
Implement Data Quality Management
High-quality datasets are crucial to inform companies as they map customers, track their customer lifecycle stage, and prepare next steps for future engagements. However, simply being able to access high-quality data is not enough. To maintain a competitive edge, companies must use strong data quality management (DQM) strategies to make the best use of their datasets. DQM involves the tools, knowledge, and processes associated with data to inform business decisions in an agile way.
Organizations can use DQM to improve data flow efficiency and help realize the maximum potential of their datasets. DQM allows businesses to standardize how they handle data, better communicate across silos, and strengthen data governance models. This process is becoming increasingly collaborative as teams emphasize better data integration across the organization and aim to solve problems quickly while reaching toward shared goals and priorities.
Inform Customer Interactions with Data
To make smart business decisions, companies must be up to date on their customer preferences. Customer data can change frequently, so it is crucial to rely on fresh, clean, and accurate data. A Customer Relationship Management (CRM) system allows you to manage your relationship and touchpoints with all customers, current, and future. It relies on a CRM database to support the lifecycle management of customer data throughout the entirety of a customer’s relationship with the company.
Using a CRM database allows organizations to better understand customers and improve their experiences with products and services. Gaining a sense of understanding of your customers’ satisfaction levels, as well as potential underlying causes for any dissatisfaction, can transform the way you conduct your business and service clients.
Insight into customer growth, decline and retention rates, as well as the underlying reasons for any shifts, informs sales and marketing teams on areas that customers are responding well. In turn, this allows them to identify areas for potential improvement and advance relationships with customers. Companies can better access and analyze customer data using their CRM system, allowing them to make customer-focused decisions and improve their bottom line.
Improve Data Protection
Data security is of the utmost importance, but protecting that data seems to be increasingly challenging. Over the past decade, the number of data breaches in the U.S. has risen from a mere 662 in 2010 to over 1,000 in 2021 (Statista). It’s crucial that organizations protect their data for the safety of company information, as well as customer privacy.
Companies in all industries must adopt the latest technologies and security practices to ensure they are keeping their data safe. Establish a team of well-trained, highly qualified security professionals who can take on the job of keeping the organization up to date on best practices. Security must be managed quickly and efficiently when a possible threat becomes known.
Keeping customer data secure also means protecting customer information against external threats, as well as the risk of potential rogue employees. Set your team up for success by investing in regular training, both for employees and customer partners, and regularly reminding them about security threats. Stay on alert for common cyber threats, such as social engineering attacks, and teach employees to recognize the signs of a potential attack.
Actian DataConnect Helps Organizations Improve Data Management
Modern enterprises are making the most of their data by using it to fuel company decision making. In 2023, outdated data sets and rundown security processes will not cut it. Actian DataConnect can help you put your best foot forward in the new year, helping you use only high-quality data, create better customer interactions with that data, and protect company and customer privacy. Visit the Actian DataConnect page to find out how your organization can improve data management processes in the coming year.
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