As data continues to grow at unprecedented speeds, organizations must embrace a data-driven mind-set to stay competitive. With the influx of bigger data and new types of data, companies of all sizes are increasingly dependent on large sets of information to make better business decisions.
Marketing departments can rely on data to discover up-sell and cross-sell opportunities and to improve customer relationships. According to The 2014 Digital Marketer: Benchmark and Trend Report, 93 percent of organizations think data is essential to their marketing success.
For marketers to draw accurate insights, data must be accurate and clean. Unfortunately, poor data quality costs companies millions of dollars each year due to lost revenue opportunities, wasted marketing expenses, failure to meet regulatory compliance or failure to address customer issues in a timely manner.
For data to be of value it must be in tip-top shape. Here's three ways to get your data into shape:
Getting your data into shape is a very attainable goal for those companies who are willing to invest the time and resources. And for those companies that do? Companies that put data at the center of the marketing decisions improve their marketing return on investment (MROI) by 20%. (McKinsey)