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Eight Priorities That Businesses Should Consider While Managing Data

Business PrioritiesData analysis and cleansing are essential steps towards managing the quality of data in a master index system. Performing these procedures with the help of data cleansing services would ensure the success of a project and provide the right tools needed for analyzing, cleansing and standardizing data before saving and uploading it into the database.

In any business organization there is always a constant inflow of data. It is important to prioritize and filter the data so that you can easily interpret and analyze the stream of data for better decision making. There are some important points to consider if you want to gain maximum benefit from data analysis.

When investing in systems, you should give importance to the following aspects.

  1. Convincing metrics: Marketers should ensure that they have access to the maximum data collection points. They should also have clear insight into the journey of the consumer, as much as possible. Effective use of analytics, attribution models and technology will help drive the business.
  2. Shared data and metrics should be transparent: Brand marketers and their partners have the same goals. Naturally, it is important that all of them have access to data, including clicks, conversions, and payment. Transparency in shared metrics ensures open communication and better optimization in keeping with the objectives of all parties. At the same time, it is also important to keep highly confidential data safe and secure with limited access.
  3. Real-time visibility: Businesses have an increasing amount of e-commerce traffic coming in, which can cause data lags. This may hinder your ability to make informed decisions. Real time visibility into consumer behavior is important in the present day market.
  4. Visualization of data: A clear visual representation of data will help to identify trends easily and act accordingly.
  5. Encryption: Encryption of data is crucial for any organization to ensure data security, especially brands in highly regulated sectors such as financial services and healthcare which involve huge volumes of sensitive data.
  6. Accessibility: Data analysts should minimize their administrative efforts and the time spent on manually gathering reports. With easily accessible analytics, you get more time to focus on strategy. Moreover, it also helps in quick decision making.
  7. Integrating with other systems: Finding systems to easily pass on data streams to other systems facilitates working with third party systems. Compatibility is essential in today’s business environment. This can be achieved with server to server integration through open APIs (Application Programming Interface).
  8. Analysis after transaction: Real-time use of data to maximize conversion activity is crucial in a digital environment. But data mining conversion actions, consumer behavior, audience, channel, location data, device etc will help identify latent trends and also reveal medium as well as long-term business opportunities.

Marketers must focus on understanding past customer activity and anticipate their future behavior. Effective data mining helps marketers to recognize the patterns around customer preferences, product performance and customer segmentation. With efficient support from providers of reliable data cleansing services, business organizations can obtain clean data and eliminate all incorrect, incomplete, duplicate or outdated sets of data. This will enhance the effectiveness of data analysis and help them make prudent business decisions.

About Julie Clements

Julie Clements

Joined the MOS team in March of 2008. Julie Clements has background in the healthcare staffing arena; as well as 6 years as Director of Sales and Marketing at a 4 star resort. Julie was instrumental in the creation of the medical record review division (and new web site); and has especially grown this division along with data conversion of all kinds.