Fueling Your Growth with Accurate Data and Smart Data Management

Fueling Your Growth with Accurate Data and Smart Data Management

September 20, 2019 Industry Trends Insights 0

Did you know that 90% of all data was created in the last two years? Data is crucial to business, and this growth requires a need for more data management. Without a data management problem, it’s easy for a business to let data go into disarray and subsequently drown. Thankfully, Kate McCall, head of data acquisition at LSC Digital, and Brooke Collins, account manager at LSC Digital, have tips to manage your data and how to avoid common missteps.

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Fun Facts

  • 90% of all data has been created in the last two years.
  • It would take a person 181 million years to download all the data from the internet with an average download speed of 44Mbps.
  • In 2012, only 22% of all data had the potential for analysis from sources such as surveillance, entertainment, social media, etc.
  • By 2020, the percentage of useful data (the information that has the potential for analysis) is predicted to jump to 37%.

Data Ownership

Data ownership is the act of having legal rights and complete control over a single piece or set of data elements. It defines and provides information about the rightful owner of data assets and the acquisition, use and distribution policy implemented by the data owner. Data ownership also defines the data owner’s ability to assign, share or surrender all of these privileges to a new party. This concept is generally implemented in medium to large enterprises with huge repositories of centralized or distributed data elements.

Understanding Your Data Sources

Where does your data come from? If you collected customer data from a form or communications, then that is automatically under your ownership. If you purchased your list from a third party, you have licensed ownership of that database. Licensed ownership has parameters about how long the list is yours and how you can use it. For example, can you use the list more than once or has it only been permitted for single use?

When it comes to third party data, be sure to verify the quality of the data. Not all data is created equal.

Fundamentals of Data Governance

Data governance refers to the general management of the integrity, usability, security and availability of the data utilized in the enterprise. This can be a cross-departmental team including voices from varied users. Data governance must create functional data flow between application.

Common Pitfalls in Maintaining Your Data

  • Lack of data ownership.
  • Focusing only on new data and/or fear of removing or inactivating data.
  • Data overlay – when data differs, how do you know what data to keep?
  • Not understanding all data sources.
  • Duplication.

Data Quality Issues

  • Inaccurate address data – for example, if an employee hits the ‘A’ key instead of the ‘I’ key when entering an address in Washington, IL, you might end up sending marketing material to an address in Washington, AL.
  • Incomplete phone numbers – if you operate internationally, having numbers that are as complete as possible is likely to be important.
  • Missing data entries – while you can’t force users to enter data that they don’t want to provide, you can use data-quality tools to identify fields within a database that are missing, or appear likely to be inaccurate. A way to prevent this is creating required fields in lead forms.

Solutions

  • Accuracy
  • Completeness
  • Consistency
  • Cost
  • Security
  • Sustainability

How to Ensure Data Quality?

Data Hygiene
  • Merge purge – utilize partners to merge records from one or multiple data sources to eliminate duplicate records. The result is one unique record containing all of the valuable data.
  • Data refresh – updating records with current information; adds, changes, deletes
Email Hygiene
  • The process of verifying or removing invalid email addresses from an email list. This increases deliverability, saves money, increases conversion rates and increases ROI.
Data Appends
  • Taking known customer data (first name, last name and postal address) and matching it against a database to obtain new information.
  • Demographic/Firmographic append – appending variables to a customer file.
  • Email append – utilizes a postal address to provide customers with an email address.
  • Reverse append – uses an email address to provide customers with a postal address.

Data Integration

Data integration can post multiple challenges during the implementation process if you do not approach it the right way. Successful data integration requires knowledge and thorough planning. Key questions to answer before doing any type of data integration:

  • Defining data integration – what are you integrating?
  • Formatting of data sources – how are you integrating it?
  • Defining KPIs of the data – why are you integrating it?
  • Do you have the infrastructure to support the integration?
  • What are the costs involved in the integration?

Data Integration Solutions

  • Understand all your data sources and repositories and the workflow between them.
  • Identify key fields that can link source data to your existing data.
  • Seek outside assistance with data mapping tools to update existing and new records.

Accurate and clean data means that your marketing efforts are being seen. Therefore, properly managed data can be a crucial component to boosting your ROI.

Ready to drive conversions with data? Get in touch with our data experts to get started. Call us at (203) 743-2600 or email support@lscdigital.com to get started!

 

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