High-quality data is always a powerful investment in any business. Any business owner or manager who understands this will go the extra mile to implement strong data governance strategies that guarantee their success. And this applies to any business, regardless of the size. So, whether your business is big or small, you should implement the right data quality tactics to make informed decisions that help you compete favourably.
Importance of Data Quality
Entrepreneurship is often more challenging than it seems. Luckily accurate and reliable data will always come in handy in informing the investment directions you take, and other crucial decisions. For instance, implementing a reliable bulk phone number cleansing tool from a reputable provider like Trestle goes a long way towards eliminating fraudulent activities and offering lots of additional benefits.
Here are the most notable benefits of high-quality data:
1. Informed Decisions
Poor quality data is your greatest enemy when making decisions based on analyses. That’s because you’ll be basing your decisions on flawed data. You need to be sure that you can trust the information you are using to make your decisions, which is where high-quality data comes in.
2. Better Regulatory Compliance
Very few industries run autonomously in this day and age. If yours is like most companies, you will be subject to different regulations such as data protection and privacy regulations. What’s more, you also want to comply with other rules such as Know Your Customer (KYC) to reduce your risk of exposure to fraud. Leveraging high-quality data strategies for your business should make this possible.
3. Customer Satisfaction
So, how does high-quality data facilitate better customer satisfaction? It makes it possible to personalise experiences, deliver targeted marketing campaigns, and understand customer preferences. High-quality data will, in truth, go a long way toward improving customer satisfaction and enhancing Customer Lifetime Value (CLTV) by a huge margin.
Best Data Governance Practices to Promote Data Quality
Data governance refers to the management system and processes that you implement to guarantee the availability, security, and integrity of data. It covers different areas such as policies, responsibilities, procedures, and others that guide data handling and maintenance within a business.
That said, here are the data governance practices that will promote data quality within your organisation:
1. Have a Well-Defined Framework
Your efforts should begin with creating a data governance framework that has everything you need to guide your efforts. It must cover areas like your business goals, the scope of the data governance program, and all relevant topics. What’s more, your framework must define the activities and responsibilities around data management.
2. Create the Right Data Policies and Standards
You must come up with the right policies and standards to guide how you collect, store, access, and use data. These policies should cover crucial aspects like data quality requirements, regulatory compliances, data classification, and others. Always communicate these policies and standards as clearly as possible so your entire team is well aware and fully committed.
3. Educate Your Employees
Even if you create the perfect frameworks and implement robust guidelines to promote data quality in your organisation, all these efforts will mean nothing if your employees don’t understand their importance. That’s why you should design education programs that increase data literacy across your organisation. That way, your team will always know how to handle data regardless of the situation. You can even appoint data stewards who will not only oversee the data-handling practices in your organisation but also keep educating employees.
4. Commit Yourself to Improve Data Governance Continuously
Data governance shouldn’t be a one-off solution. It’s meant to be an ongoing process that will need a lot of reviewing and refining to make it fit your business needs. For this to happen, you will have to commit yourself to improving your data governance strategies without complacency. Keep assessing your practices, gather feedback as often as you can, and then make improvements where necessary.
Streamline Data Governance With Trestle
Data governance is a core input in any successful company’s operations, regardless of the size. Failure to optimise your data governance practices and overall quality of data puts your business at risk of all the negative effects of inaccurate or low-quality data such as fraud, business losses, and loss of customer trust.
If this is something you’d like to avoid, then you need to adopt data enhancement, cleansing, and enrichment tools from a renowned provider. Trestle is a leading provider in this field, so make sure to visit trestleiq.com to view the solutions they offer.
