There is more data than ever. How do you use it?
Technology, software, and data have converged to propel the world into the Digital Era. Artificial intelligence and the Internet of Things have made machines interconnected.
Data, in sheer quantity, is growing exponentially. Along with the usage of data warehouses. The cost of storage technologies has continued to decrease. The Salesforce AppExchange expanded the number of software solutions dealing with data quality. Culture is shifting toward data-driven decision making, and gaining insights from data:
“I find that, at all levels in all organizations, people know they need good data, and so what do they do? They take what they have, they recognize it’s not very good, and they go to extraordinary lengths to fix it.”
– Tom Redman
Key Growth Areas
Every industry relies on analytics from data. Internal divisions, from marketing to sales, use different data points. Basically, everyone has their minds on data. Here are some key growth areas to consider in software:
- Customer acquisition and retention
- Predictive analytics and AI
- Data warehousing platforms
- Social Media sentiment analysis
These examples all seek to derive insights from data. To get valuable insights from data, you must prepare the data for analysis. Data is not a centralized asset, it involves every department. Each department relies on different data points and fields. This complicates the process of organizing all the data.
Most companies rely on a range of data sources and vendors for the data stored in the CRM or a data warehouse. But most data warehouses lack a predefined schema to organize all the data. Data warehouses organize data under a single location, to improve sharing capabilities between divisions. But they do not prevent data decay.
In comes data preparation.
“Analysts spend up to 80% of their time on data preparation, delaying the time to analysis and decision making. Compounding the problem is many analysts are using traditional tools like Microsoft Excel that cannot easily handle the volume or variety of new data sources.”
2016 Gartner Business Intelligence Analytics & Information Management Summit
Avoid wasting time by implementing a duplicable, reliable process to prep data for analysis. Good data preparation tools enable users to store, structure, enrich, and clean the data. Salesforce got value from data by storing it in a central location for businesses. Data prep tools get value from data by enabling the user to extract useful insights.
Find the solution to data disorganization.
Data preparation is not rocket science, it’s about organization. Salesforce is useless if the data within is inaccurate. Any “insights” gained from bad data are equally useless.
RingLead prevents businesses from wasting their data potential. We combine data preparation and data integration so companies can manage their data. A single department cannot control interdepartmental procedures with data, in the same way Finance controls the money. RingLead institutes standards for data to prevent the corruption when new data is integrated.
RingLead works with the customer to establish a bridge between marketing, sales, IT and Data Governance. Technology is great, but it’s the experience that counts. RingLead’s end-to-end data quality platform will ensure your data is always prepped and reliable.