Getting data management right to drive business action
One of the primary characteristics of modern business is data – so much data that a lot of it isn’t even useful. And rather than focusing on customer data that can boost retention rates and simplify sales, many organizations are extracting data from every interaction, resulting in a flood of information.
How can you restore the original power of big data?
Simply put, it’s time to step back and assess what data you’re collecting and why. By developing clear objectives and pairing them with actionable data classes, you can propel your business to the top.
If you’re trying to understand why big data is struggling to keep up with business needs, the insurance industry can provide several key insights. In the insurance industry, companies have been collecting data on every interaction for years, and unsurprisingly, big data hiring is at its peak. That includes an emphasis on data management.
Data management is a broad category that includes warehousing, eliminating data silos, and – perhaps most importantly – data cleansing and quality assurance.
Data management professionals are the individuals within your organization who insure that you aren’t relying on out of date information about past customers, that your files aren’t full of duplications, and who can smoothly integrate multiple data channels. Collection without management sets your business up to fail.
At noted, data managers have many responsibilities, including data cleansing. But what exactly is being cleansed?
Some people hear the term and assume that it means eliminating data you don’t “like” – that it’s selective analysis. But data analysis is a formal process. When you delete a duplicate entry in your phone, for example, that’s data cleansing. Similarly, when you go through your computer files and delete an out-of-date file, that’s also data cleansing.
Professional data cleansing works in a similar way, to eliminate duplicate entries, delete inactive clients, and integrate legacy systems and new data storage programs. Most organizations have cluttered data systems, packed with old client information and inactive profiles.
