With 2023 underway here are five data questions you need to ask today, to give yourself an advantage tomorrow. Accurate and reliable data is the catalyst that helps businesses make the best decisions and drives marketing and sales efforts. Therefore, we have compiled questions that businesses need to consider to give themselves a head start in 2023.
1 – Can real-time data analytics help your business produce continuous intelligence?
Business decisions should be based on accurate data and precise information rather than instincts and best guesses. Off the back of the uncertainties faced in 2022 such as pandemics, wars and cost of living issues, the truth is needed now more than ever. Therefore, to achieve the best results with reliable information, businesses must act on data driven insights. For example, if a Retailer has access to customer purchase history in real time, they can recommend products to cross and up sell. Real time also provides an insight into customer preferences in moments, which means marketing efforts can be concentrated quickly and effectively.
Real time processes enable organisations to act on information as and when it happens. For instance, analysing click data on websites to determine the best marketing strategies and identify the experience of customers. Additionally, the data can be used to track your business’ social media interactions allowing organisations to tap into trends and tailor messages to suit customers, as well as the ability to monitor growth and impressions.
All in all, this form of data capturing and analysis can help to develop enhanced operational efficiency and intelligence, and is likely to become mainstream for improving intelligence.
Real-time processes manipulate raw data through ML algorithms and AI to produce an output for businesses. It enables organisations to act on information as and when it happens. For instance, analysing click data on websites to determine the best marketing strategies and identify the experience of customers.
Additionally, real-time data can be used to track your business’ social media interactions. This means organisations can tap into trends and tailor social media to suit customers, as well as the ability to monitor growth and impressions. All in all, this form of data capturing and analysis can help to develop enhanced operational efficiency and intelligence, and it is likely to be adopted more as time goes on.
2 – How does your business use Data as a Service?
Data as a Service (DaaS) isn’t a new concept, but it is predicted to continue to grow in popularity. DaaS begins with data that you can rely on, ensure high quality data by validating the accuracy of your contact data. Eradicate the need to build complex, costly data storage systems by integrating Cloud and DaaS to your organisation.
Doing so will enable access to safe and secure data collected by third parties, and when storing data, it is fundamental to adhere to data regulation and governance policies by managing, updating and protecting it.
Businesses of all sizes must be aware of, and operate alongside an array of the growing number of GDPR and similar regulations. Over 100 countries have data laws, and this is expected to increase. It is reported that by 2024, 75% of the globe will be covered by privacy regulations. Therefore, you must consider how your business stores data, updates it, keeps it confidential and at a minimum.
By addressing these areas you are keeping data safe, helping your business abide by laws, develop a positive reputation and maintain relationships with customers. GDPR compliance depends on your ability to keep the data you store accurate and up to date. If you’re uncertain that your data meets these requirements, look no further, use Hopewiser’s online address cleansing service for a free data audit.
3 – Can your data be improved with the latest tech?
Data is produced and captured constantly, and the technology to do so is becoming more accessible. It should come as no surprise when new technology is unleashed because it happens so often. Businesses will need to evaluate the technology for its reliability and ROI. Although it is not necessarily a requirement, to adopt new technology is to keep up with the developing and demanding world in which we exist, ignoring it may result in slower progress compared to competitor businesses and lost opportunities.
Notable examples include Augmented Data Management and Edge Computing. Augmented Data Management is the process of automating data quality checks, managing data, and improving the manual data cleanse process. At Hopewiser, our AtlasBatch product uses automation for data cleansing jobs which is supported by our in-house software.
Edge Computing enables businesses to process data locally as opposed to cloud and uses real-time data which is processed closer to where it is generated in an effort to increase the speed and quantity of insights. Hopewiser’s online portal integrates cloud address validation, allowing data to be captured accurately and in real time.
Augmented Data Management and Edge Computing are self-sufficient and reliable tools which are capable of managing manual data capturing tasks, while the more valuable tasks can be taken care of by individual specialists. Fitting such systems into your business operation will provide smoother purchase processes and limited repetition of mundane tasks. With these innovations in mind, your business can become more efficient, cost effective and resilient, whether you are data managing or capturing.
4 – Can you democratise your data?
Data Democratisation involves making data accessible to all employees, regardless of technical experience and background. This leads to an enhanced understanding of customers leading to more effective business decisions being made. This strategy may be especially useful in the ecommerce industry as one of the principles of democratising data is that consumers also have access to their data. This is beneficial as customers are provided with information on their purchase history, buying habits and the latest popular products. Reports found that by November of 2022 online sales made up 30% of the total income of all retail in the UK. This is likely to grow as customers seek convenience and improved choice.
5 – How can data enhance your analysis and targeted marketing?
Data Enrichment is the process of merging data from external sources to improve your central database, essentially it provides an additional level of insight to provide better targeted marketing. Data Enrichment enables businesses to segment and have a full view of their customer habits and preferences, these can lead to more effective business processes and decision making, A variety of datasets can be used at the point of contact, so as an address is verified, then further information can be captured immediately, such as grid references, industry codes and the type of building, for example, a Nursing home.
When businesses enrich their data, greater insights are produced, allowing them to tailor marketing. Hopewiser work closely with clients to understand their data and identify specific data sets that will provide the enrichment required.
Overall, with the ever changing address data landscape of the UK, it is fundamental that your business stays up to date with all of the trends , technology and sources of information that can help your business grow. Hopewiser has a range of useful guides available that will help you make the most of your data this year. Download your free guides here.
Do you have any more questions about address data? We’re here to help.