A healthy data set is imperative in today’s world. Good data quality ensures your business maintains compliance as well as authenticity. With poor data quality you not only risk reputational damage but also legal action.
Data protection laws such as the recently introduced General Data Protection Regulation (GDPR) has set out key regulations which govern how businesses should manage and process data. The cost of not sticking to these rules and regulations is expensive.
Google, for example, received a massive €50m rap on the knuckles for breaching GDPR principles. Since GDPR’s inception almost 300 organisations have received fines and penalties for poor data processing and storage.
Operating solely from spreadsheets can put your business at risk of breaching these rules. Keeping data logged in spreadsheets results in duplicate, inaccurate data and multiple copies being maintained by different people on distributed devices. Traditional approaches to data storage like this can jeopardise data integrity.
So how should a business ensure it maintains a healthy data set?
Luckily, technology is here to help. Customer Relationship Management (CRM) software enables businesses to manage, share, analyse and distribute data in a single repository.
With customer data all in one place, it is easier to ensure regulatory compliance. Data is no longer duplicated into multiple silos, and you only need to maintain one data set, rather than countless spreadsheets. With a CRM you can also control access to this data with granular security permissions, auditing any changes which are made.
CRM systems remove the need for human intervention when it comes to mundane, everyday admin tasks. Automation and workflows can be applied, reducing the need for employees to manage and ‘clean’ the data manually. Duplicates can be found automatically on input rather than after a problem is found, and the probability of human errors occurring will be greatly reduced.
CRM technology frees up an employee’s schedule, allowing them to focus their efforts on other goals within the organisation.
What are the benefits of healthy data sets?
Having healthy data sets allows businesses to engage customers and nurture relationships. CRM’s make it easier to segment data to enable sales and marketing teams to target specific customers accurately. It also helps identify unengaged clients with drops in behaviour or spending trends. These can be targeted with new offers or automatically pruned to not waste effort. In short, CRM’s help ensure that an organisation’s data is no longer bloated with unnecessary data.
To ensure compliance, CRM systems can automatically reallocate customers who opt-out of marketing to be removed from all contact lists. This will ensure 100% compliance and can go a significant way to protecting a brand’s reputation.
In today’s litigious world, maintaining a healthy data set is absolutely critical. It’s thanks to innovative technology such as CRM’s that businesses can do so without the worry of hefty financial fines or damage to their reputation, offering complete peace of mind and a chance to focus on other business critical activities.
How can businesses make their employees’ inboxes a safer space? Find out here.