Benefits of High Quality Data to Any Data-Driven Business
Written by Asmit Joshi on April 2, 2021
From increased revenue to better customer relations, high quality data is key to your organization’s growth.
Businesses the world over are becoming more data driven. From SMBs to enterprises, new technologies like artificial intelligence, machine learning and IoT are setting the standards for success. Any organization’s ability to adopt and make the best of these technologies defines how successful they are in standing out ahead of the competition.
When broken down and analyzed, data lays the foundation upon which important decisions are taken and action plans are built. As such, the quality of your data will determine the solidity of this foundation and if your subsequent actions will have the desired results.
Organizations that realize the potential and value of quality data early, manage it the right way, and make decisions based on insights are better positioned to reap the most benefits. You would ideally want to catch and ride a wave as it rises, rather than when it starts to subside, or miss out completely.
Quality data — the key to accelerating your success
Data quality is characterized by several factors like completeness, validity and timeliness. Quality datasets are have lots of benefits for all aspects of a business. Some of these include:
- Increased productivity
- Informed decision-making
- Competitive advantage
- Improved customer relations
- Easier implementation of data
- Effective content and better audience targeting
- Increased profitability
High quality data is immediately usable. Teams don’t need to spend time validating data points and fixing errors, and can get on with their analyses and devising new strategies when data is actionable right away. This in turn allows them to take quick actions, improve turnaround times and quickly move on to the next important aspect of their business.
Any business with an online presence — a website, social media accounts, accepts online payments, etc. — collects and generates data about web traffic, user habits, customers, demographics, and so on. All that data is a potential goldmine if you know just how to get the best out of it.
When data is reliable, analysts, marketers and senior management alike have more confidence in the insights to make the right calls. By eliminating guesswork and risk from their actions, businesses are able to reap both instant and long-lasting rewards.
Torture the data, and it will confess to anything.Ronald Coase, British economist and author
Data is the most valuable commodity to any business and industry today. Any company that can properly leverage high quality data and capitalize on its potential stands to gain considerable advantages to pull ahead of the competition.
With accurate, timely and complete information, companies can discover more opportunities in the market much earlier than their rivals. Understanding consumer and customer needs better also allows them to anticipate trends and outperform competitors on sales and revenue.
Improved customer relations
Having a good relationship with customers is a key to any company’s success. By collecting information about their needs and interests, and analyzing their behavior on your platforms, you can understand them better and create tailored content and experiences that delights.
Similarly, with proper management of data, marketers can avoid annoying customers and audiences by not sending duplicate, irrelevant content and resources, and risk damaging their brand’s industry standing.
Easier implementation of data
Quality datasets are easier to use and analyze. Without the need to scrutinize and fix errors, analysts and marketers can gain valuable insights and then implement any subsequent action plans much quicker.
Valid and consistent data keeps different departments of an organization on the same page. Teams are thus able to communicate better and work more effectively towards achieving the company’s goals.
Effective content and better audience targeting
Executing marketing campaigns based on guesswork about your target audience is extremely inefficient. But the more information about your audience, the easier it is to find common attributes like job industry and interests, and narrow down the list. You can then create content or products targeting specific segments and easily get better results for your campaigns.
By allowing teams to create more targeted and ultimately effective campaigns, high quality data increases your company’s ROI. Good data also prevents project delays, thus avoiding the need to overspend on your budgets, saving costs and consequently helping to constantly increase revenue and profit margins.
Data at the forefront of all major trends, decisions being made and actions being taken today. Your access to quality data ensures that you get the best insights on the market, as well as your customer’s needs and preferences.
It is important to realize the benefits of quality data and capitalize early to stay a few steps ahead. Transform your business into a trend-setter and an industry leader today!
With over 10 years of experience in providing quality web data at scale, Grepsr is one of the trusted names in the web scraping industry. Our data extraction platform, Grepsr Concierge, is your go-to resource for all things data — project setup to data delivery, and everything in between.
Within the Grepsr platform, we’ve built a Data Quality control center, where users are able to view the health of their datasets — both current and historic crawl runs — in real-time. Some of the features include:
- Data Quality Score and ability to set validation criteria for each data point
- Current and historic records, requests counts and chart
- Fill rates and character counts for each data point