Blog4 809x410 - 8 Reasons Why Managing Data Quality is Important to Business

8 Reasons Why Managing Data Quality is Important to Business

Data quality is important in business operations. Most enterprises use data in making important decisions and in understanding the market. Basically, data quality measures data properties from different perspectives. It is vital for business transactions and operations. It is also needed in the reporting of business intelligence and business analytics. Without data quality, the organization will be erroneous and unreliable.

In this article, we will let you understand why it is mandatory for an enterprise to maintain data quality:

Reduce costs

Basically, if the data of an organization is of low quality, then more money will be spent inefficiently. According to a study by Data Warehousing Institute, American organizations lost six hundred billion dollars every year because of poor data quality. Simply say, bad data leads to failure of IT projects and loss of leads. Further, accurate data also reduces the volume of undeliverable mails. You wouldn’t have to spend on postage costs and in resending packages.

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Generate leads

Leads are made out of trust. If the organization has low-quality data, customers will be dissatisfied which will reduce leads for the business. Basically, good data translates to better reach and increased conversion rates. Thus, it is important that organizations perform data management initiatives.

Gain competitive advantage

One of the most important assets of an organization is data management. The idea of “managing data” makes the organization reputable and reliable. With this, more customers will trust your organization which will result in increased conversion rates. Moreover, the existence of data management in an organization also increases employee productivity. In conclusion, your organization will have a competitive advantage over the others.

Strengthen organization

Different levels of organizations require a certain data to make better decisions and perform business operations. The presence of data management and high-quality data makes all basic operations organized. This will increase the overall productivity and efficiency of the business.

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Create meaningful data

If data is being managed properly, raw data will be converted into meaningful insights. These values are essential for an organization to make right decisions for the business. Apart from meaningful insights, managing data quality apparently leads to high-quality data. Without good data, the organization’s goals and objectives will not be achieved.

Improve marketing

The essence of managing data quality is also important to improve marketing efforts. Before, marketing companies promote their businesses to basically everyone, spending a huge amount of money for a widespread advertisement. Today, marketing is targeted to a specific audience. Data, like statistics and demographics, enable marketers to concentrate marketing on the desired audience.

Maintains data consistency

One of the problems of huge companies and corporations are inconsistent data. This affects their relationship with clients and customers. Through data quality, members of the organization access the same information and data as other through one large database.

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Improve customer engagement

With everything mentioned above, having high-quality data allows an organization to serve their clients and customers well. The data quality also helps an organization know their customers personally. Through the data, companies can send relevant newsletters to subscribers, offer deals that suit their needs, etc.

Blog1 809x410 - Top 5 Ways APIs Can Help Your Business

Top 5 Ways APIs Can Help Your Business

2017 is definitely the year of Application Programming Interfaces or APIs. APIs are set or routines and components that enable various software, applications, and system to connect and share data with each other. Basically, it promotes collaboration between two or more platforms. APIs are also vital in customizing Graphical User Interfaces (GUIs). This year, APIs are dominating the digital world. According to Programmable Web list, there are over 17,000 APIs in the database.

APIs are now playing an important role in improving business models. Most companies that are integrating digital strategies into their business operations are taking advantage of APIs. Here are the top five ways APIs can help businesses:

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Modernize organizations structure

The use of private APIs provides companies the opportunity to restructure and modernize their business. How? APIs enable “composable enterprise” in which companies can break down certain functionalities and services and re-create them into new business value chains, thus developing new services and data. Moreover, APIs offer businesses access to a wide range of resources that enable them to move operational elements to external providers.

Increase business productivity

One of the direct impact of APIs on business systems is increased productivity and efficiency. Basically, APIs improve collaboration and internal communication among software and systems. With this, internal processes are more productive and efficient. According to a study by McKinley Global Institute, productivity is increased up to 25% through the use of APIs. On the other hand, APIs also promote automation, updating workflows to make them work faster.

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Boost loyalty and conversion rates

In running digital marketing strategies, the goal is to build your online presence. The more content you put into the digital space, the more likely consumers can see you. Through APIs, you can be able to share data on multiple platforms, thus, increasing your reach. Moreover, it is important that you provide all the necessary data your customer needs on your website. Through APIs, you can pull weather updates, currency exchange rates, and travel flights so they do not have to open another site to look for information.

Manage supply chain efficiently

APIs are integral in delivering new functionalities. For businesses that engage in service delivery to customers, APIs can help in managing supply chain efficiently. For example, Viaplay, an online content provider use two internal APIs in managing their services. One API is in-charged with checking customer’s subscription levels. The other API does the re-commencing the subscriber’s content. With this, you do not have to worry about delivering your services.

Improve customer experience

One important characteristic of API is its ability to customize content for the customers. As a developer, you have to anticipate what your customers need to your website. With this, you can access different content and services from other external platforms and integrate it into your website. APIs allow content to be embedded in any application or site. This will guarantee a more fluid flow of information, improving the user experience.

These are just a few of the many advantages businesses can get in integrating APIs into their systems.

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