Tag: data quality

5 Practical Tips to Improve Your Data Quality

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5 Practical Tips to Improve Your Data Quality

Data quality describes how well your data is able to serve its defined purpose, generally measured in terms of validity, accuracy, consistency, completeness and relevance. In other words, businesses know they have high-quality data when they are able to use it effectively to determine key business decisions. Data is considered “bad” or of “poor quality” when it’s inaccurate, which, unfortunately, is the norm rather than the exception in various industries.

The state of data quality report reveals:

  • 33% of organizations believe they have a lot of bad data
  • 49% point to human error as the main cause of data inaccuracies
  • 89% of the C-suite admit bad data hurt their ability to provide excellent CX

In the United States, bad data cost the economy a whopping $3.1 trillion a year, while organizations’ annual loss on average is at $15 million.

If you’re also experiencing losses due to bad data, here are five tried-and-true tips to help you improve it:

Streamline your approach

Look at how data is collected, processed, stored, consumed and distributed to come up with a streamlined approach. You can choose to work with your existing setups, get completely new ones or create a hybrid solution. The idea is to come up with one that provides visibility into your data, the level of quality, its processes and ownership of said data.

Break down data silos

Having different and separate data silos discourages collaboration between internal and external stakeholders. This can be solved by having a central data repository where users and workflows are defined, and processes and progress are visible. This ensures you’re working with a single source of truth and not multiple sets of the same data.

Automate data onboarding

Building on the previous point, having vast amounts of data in different silos can lead to inaccuracy of published content, which leads to a poor customer experience. To bridge the gap among these silos, companies need to automatically onboard product information from legacy systems, data pools, suppliers, third-party content aggregators and other sources quickly and efficiently. This eliminates errors caused by manual entry and maintenance.

Enforce product data quality checks

Manual quality checks and maintenance is not efficient for large volumes of data. You need to set up data cleansing, standardization, normalization, classification and categorization rules to transform your data so that it is accurate, complete, consistent and up-to-date.

Utilize a version control system

Track and manage all versions of a dataset to create a seamless audit trail for full traceability. With this, you can get rid of redundancies and duplicates to ensure up-to-date, audit-compliant information at all times.

Why MDM is the Cornerstone of a Powerful Enterprise Data Strategy

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Why MDM is the Cornerstone of a Powerful Enterprise Data Strategy

In the digital age, data ceased to be just a byproduct of business activities to be discarded after it served its purpose. Today, data is the new gold, so valuable it requires not just management, but a serious strategy for businesses to harness its benefits.

What’s the difference between data management and strategy? Think of data as your money that as you’re running a business, you wouldn’t just manage but actually grow. And growing money is an activity that needs a strategy.

As the Internet, social media, mobile and the digital revolution continuously pump data – containing valuable business information – into organizations, it’s almost a crime not to have a strategy to effectively mine it.

What does an effective data strategy entail?

It starts with what your business wants out of data. Generally, a data strategy is created to support the organization’s overall business strategy, which aims to increase profit and market share, decrease cost, differentiate products through innovation and deliver an excellent customer experience.

These can only be achieved through quality information distributed to relevant personnel and applied to the right systems and processes. That’s why data quality management (DQM) is the most important business intelligence (BI) trend for 2019.

So, what are the basics of an effective data strategy?

  1. Identified and defined data. Much like how books are cataloged and organized in libraries, data must also be named, formatted and assigned values.
  2. Storage. Since data is an enterprise asset, the organization’s storage capability must accommodate not just data housing, but also convenient data transferring and sharing between systems.
  3. Rules and access guidelines. To ensure consistent data management, an enterprise-wide data governance rules and policies must be established.
  4. Data processing system. Most if not all data comes into the system raw. Meaning, since they’re from different sources, it’s anticipated that they’ll be in different formats and levels of quality, and must therefore be cleansed and enriched before being sent out.

Quality information or valuable insight, such as granular customer and competitor details should come out of these activities. And once acquired, these insights should be correctly and swiftly acted upon, for example, if certain products are doing well on certain channels and at certain times – then not only should heavier advertisement and promotion be sent that way, but a more focused data mining activity to find out why it’s working and how it can be improved to not only drive sales, but inspire brand loyalty.

How is MDM central to a solid enterprise data strategy?

No matter how good the drawn up strategy is, it won’t work without proper execution. And to execute well, you need a modern master data management (MDM) solution.

Gartner defines MDM as a “technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets.”

It ultimately gives you a single, trusted version of the truth or golden record, which enables you to have a complete picture and a deep understanding of the relationships between the data entities relevant to your business, such as your consumers, products, suppliers, stores, etc.

With MDM, you can:

  • Ensure data quality.
  • Assign roles and responsibilities
  • Establish processes according to your business requirements
  • Acquire, process and model data from multiple coexisting domains
  • Share information within your business
  • Integrate assets/content from different sources

Your enterprise data strategy is your roadmap to fulfilling a long-term goal. An MDM is essential for your journey as it allows you to regularly review and measure your activities, so you can continuously grow and evolve into an organization or brand that constantly transforms to the needs of your consumers.

7 Keys to Crafting High-Quality Product Content

7 Keys to Crafting High-Quality Product Content

Content gets the bulk of attention these days when it comes to digital marketing. A quick Google search on content creation will pull up countless articles on blogging best practices, effective strategies, campaign ideas, social media trends, and so on, which can get people to your site.  Driving awareness is one thing, but it’s quite another to convert them into paying customers.

When it comes to product content, accurate, complete, consistent and relevant product information is king.

The following are seven ways to produce product content that will excite, engage and convert your audience:

1) Focus on your target buyer and personalize your offering

The competition to sell inventory across the web is fierce. You might only get one shot at selling your product to the right person. If you’re displaying the wrong product you’re out of luck.  People aren’t going to click into your site to find the right product if the one in front of them has no bearing on themselves. You have only one chance.

As an example, I have spent the last few weeks exploring new SUVs. Car dealerships in general have figured out that I’m looking for a new car, but some have honed in to the type I’m looking for. This ad happened to catch my eye, while I was casually scrolling through…

 

According to the 2018 Trends in Personalization report, 98% of marketers agree that personalization boosts customer relationships, while 87% share that they’re experiencing measurable success.

2) Create a compelling story

Writing product descriptions are no different than any content marketing efforts. They say a photo is worth a thousand words, but when it comes to a product, you might need  a short description (under 160 words) or long description (under 600 words) next to to the photo to bring it it to life. A coat in a product catalog, for example, is just a coat, until you pair it with an interesting backstory…

Why is storytelling important? According to Harvard Business School professor Gerald Zaltman, 95% of purchasing decisions happens in the subconscious. And the best way to reach that part of the human brain is through engaging stories.

3) Use an attention-grabbing headline

As with any piece of content, if people don’t read it it’s a waste of time to write it. The headline should draw your audience in for more.

How to write headlines that people will read? Well, first define which “people”, a.k.a. your target audience. There has to be something in the content for them to continue reading. According to copyblogger, 8 of 10 people will read the headline, but only 2 of 10 will go on to finish the piece. So, for your headline to have the power to grab and hold, it must contain the 4Us: useful, urgent, unique and ultra-specific.

4) Write original copy

Every product is different and when you have an inventory that has hundreds or even thousands of products, writing original copy for each one can be daunting, but it is necessary. Even beyond that, as mentioned in bullet one, writing original product copy for each persona can truly help the content be not only relevant, but persuasive.

 

www.blackdiamondequipment.com

Why is original copy important? Because it builds trust. Writing your own product description shows your belief in your product, respect for your customers and trustworthiness.

5) Product rich imagery

If you’re the type of person who spends time in the mountains and need a utilitarian vehicle, not many words need to be written for someone to click…

How important are images for product experience? 75% of ecommerce shoppers say product images strongly influence their buying decision. With images, consumers are instantly connected to the product, so they have the power to make or break the sale. If that’s the case, ensure that you put up high-quality original images as much as possible. It’s even better if you avoid using stock photography, as it will turn consumers off. You could also provide alternate views/angles and zoom. Finally, shoot a contextual shot. Show people how the product would look like on them or let them experience it with their imagination.

6) Have clear and concise descriptions

Original and descriptive copy doesn’t mean you have to write a novel. In fact, as with most text, less is more. As Dr. Seuss famously quoted “So the writer who breeds more words than he needs, is making a chore for the reader who reads.” Or in the case of product content, making a chore of him or her moving on from your product.

Remember that most people today are on the go and using their mobile to read. Not only that, according to a Microsoft study, their attention span has become worse than the proverbial goldfish. From 12 seconds in 2000, it’s down to eight seconds in 2013. Plus, they’re naturally distracted, what with all the choices given them, so it makes so much sense to write a short purposeful copy.

7) Offer additional relevant products

So, you’ve got their attention, so what’s next?  Don’t stop there, show them what else they can’t live without.  You know who they are now, you know what they want, you have the ability to strike while they’re still on your site.

It doesn’t hurt to offer or suggest items that complement or supplement their purchase. In fact, it’s a known sales technique called cross-selling. Another technique you can use is upselling or when you encourage consumers to upgrade to a more valuable purchase.