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How Data Cleansing and Enrichment Increases Profitability

In today's hyper-competitive business world, B2B & B2C businesses rely on data to achieve an edge in their markets. However, many companies do not realize that customer data decays rapidly and create challenges in achieving business goals. In the postmodern era, customers simply change base too often, and to maintain a complete and accurate record of their whereabouts is a challenging task. Dirty data not only damages your credibility but also costs you money for each duplicate action. Data cleansing helps you prevent such mishaps. Consider that:

Besides, bearing in mind that nearly 60% of people change job titles within their organizations every year, it comes as no wonder that it is mandatory for companies to keep their customer databases clean and free from duplicates and redundancy.

How data cleansing and enrichment increases profitability?

Companies fail to understand that without accurate customer data, it is highly impossible for them to market, sell, or provide customer service - effectively. They don’t use clean data and which is why their marketing messages don’t reach the right customers at the right time.

A renowned insurance company in Europe reduced duplicates in its database from 25% to 2.5% and saved up to GBP 100,000 in the process. The data cleansing and enrichment of a database of 4 million customers helped the company with a single view of each of its existing as well as prospect client. They also ended up controlling the monthly mailing costs by reducing duplicate mailers, save big time on marketing expenses and increase response and conversion rates considerably.

Since you have lost the trust of your target audience, you are set back by lost sales and unsubscribe requests and considerable revenue losses. Data cleansing and enrichment helps your company avoid such setbacks. Bad data means they will end up connecting with the wrong people only to get demotivated, demoralized and end up with destroyed confidence.

Since data is the lifeblood of your organization, it is essential that data cleansing activity is given the top priority. Data cleansing not only corrects the wrong numbers and addresses but enrichment will also add the most appropriate contacts to your data list. Data cleansing and enrichment also ensure improved morale and efficiency in your marketing and sales staff. With the help of clean data, you not only come to know your market, but you also empower yourself to create actionable reports and also analyze your database. Hence, you increase your profitability manifold with the help of data cleansing and enrichment.

Automated data cleansing – the next game-changer

Robotic automation backed with artificial intelligence and machine learning have ushered organizations into a new age. Robotic process automation (RPA) performs a range of routine activities with better accuracy than humans. These automated data cleansing solutions are even capable of performing cognitive capabilities that were previously considered too difficult to automate. Automated data cleansing is the next step with the potential to bring in enhanced data accuracy and improve the quality of data.

Conclusion

Data cleansing is now becoming vital for companies who want to survive in the long run and remain on the market for a good reason. The benefits of clean data are manifold. From improved customer relationships to increased profits through data segmentation and targeting, there are several benefits of deploying high-quality database for your marketing efforts. Ensure that your data is clean by executing the right data cleaning process that not only saves time but also achieves overall operational efficiency. Start with these simple goals with help of expert data cleansing consultants and ensure that you achieve the right futuristic vision for your organization.

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Tags: automation, clean, cleansing, data, importance, of

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