Get Confident With Your Data
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Get Confident With Your Data

27 July 2020

By Paul Dexter, Managing Director, EQ Data

To better understand your customer, in this new world with many new behaviours, it’s time to review your data. But do you have what you need to do so? 

PD Paul Dexter Managing Director, EQ Data

As organisations adapt to the operational changes made necessary by the pandemic, business strategies are having to be rapidly aligned to changing consumer behavior. This may well mean the acceleration of digital transformation initiatives and the adoption of additional new processes and technology. With all this change, there is a definite need for customer insight through the collection and rapid analysis of customer data. So how can good data help you? 

Right time, right information, right channel   

The challenges businesses face when it comes to consumer data are well known. 

With an evolving regulatory landscape since GDPR, and with ever increasing consumer awareness and expectation as to how data is being used, companies face pressures to ensure that they are communicating with their customers at the right time, with the right (personalised) information through the right channel. 

Towards a single customer view  

Many strive for the “Golden Record”, or a “Single Customer View” and there is good reason to do so. Such records can be used for operational, billing and marketing purposes, but also help ensure internal infrastructure and applications are efficient. Yet whilst the population of missing or incomplete data is often a primary focus, it is the inaccurate data held for customers which has a bigger negative impact. This can lead to far more expensive results including: misdirected marketing, incorrect billingcustomer complaints, etc.   

High quality data  

High quality data within an organisation is critical to seamless operations and an improved customer experience, as well as to insight and intelligence capabilities. And the ability to link accurate information between business units, giving an organisation-wide view enabling decision support, alerting and forecasts where consistency is essential, is proven to drive up business performance. 

The great thing is that this is more achievable than ever given the array of data solutions available to help automate decisions and with the application of ML and AI, businesses have never been better placed to know more about their customers and predict customer action. The biggest challenge is that poor data quality undermines the very insights upon which businesses rely to manage their customer relationships, impairing customer experience and causing disengagement.    

ID Verification data has never been so important 

The capture and processing of high quality data for ID verification has also seen a surge due to COVID-19. Take background screening, for example: An employer is unable to verify in-person and now, with the guidance on “in-person” verification easing, many businesses are having to adapt quickly. They must be confident that individuals are who they claim to be. Organisations need to be sure they are transacting with the correct person behind the persona.  

Credit needs to be recovered over the payment period, invoices issued must be paid, accounts opened need verification, and employees need to be on-boarded and re-vetted. These are business requirements and, quite often, legal necessities too. Personal attributes of the individual need to be accurate and actionable. The contact information for each and every individual needs to be live and usable. Delivery addresses, billing addresses, phone numbers, email addresses, social media accounts can all be used for B2C interactions. 

Sending invoices, delivering products, providing offers, supporting customers, are all reliant on accurate data. And because this data doesn’t remain static, the need for reliable data validation is undeniable.  

Have confidence in who you are dealing with 

The bottom line is that access to accurate and timely data on individuals transacting with your organisation will ensure you are confident you know who you are dealing with and how to contact them. The ability to include those individuals and their transactions in your enterprise-wide reporting, marketing, sales and recruitment will be the basis of a sound business strategy in any market. And with strategic focus on customer experience being higher than ever, the competitive advantage to be gained by building confidence in your data will be bound to deliver results. 

Achieve high quality data with us 

EQ Data solutions help you achieve high quality data: 

  • EQ Cognition provides a single point of truth for your personal and business attribute validation. One centralised API designed to enable access to global data sources for channel verification, data hygiene and append services to speed up the process validating and enhancing your organisation’s data in real time. 
  • EQ CheckSafeprovides the ability to carry out background screening and re-screening for prospective candidates and existing employees, built with user experience and GDPR compliance at the forefront of its design. 
  • EQ Amplify offers data assets, expertise and techniques to assess, correct and improve your customer and contact information. Where are you now? What is your data quality trajectory? How are you going to get there? 

Contact EQ Digital to find out more

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