When making important decisions, then you want to be sure the data generating your information is authoritative.
How can you be sure that you make judgements supported by good data?
You need to know where the data originated from. You have the right tools and processes and culture in place to safeguard data quality. Only then you can safely accept your data is credible.
Having the assurance that data can be trusted offers the potential to increase your profit margins.
When in doubt, ask yourself two simple questions. Was the data created by a curated quality program? Otherwise, can you verify the data quality through research? When in doubt, purify your data.
Good data offers the promise to increase your profit margin by 70%. This can only be achieved when you transform your business into an intelligent enterprise.
Your organisation becomes intelligent when making good decisions based on good data.
Knowing with certainty which 20% of your clients generate 80% of your turnover is a good start. Then dive deeper to understand which clients generate the highest margins or pay their invoices on time. Find out various upward and downward trends in turnover and cash flow based on market segment or geographical location.
Maybe the weather forecast has an influence on buying decisions. Possibly some local or global events trigger more demand than usual.
There is no limit how you can apply good data to discover new information your competitors struggle to compile as fast as you.
Good data is achieved by being smart and apply the most sophisticated tools and automated algorithms. But we do this because we want stronger and more meaningful relationships.
Human contact is key. Being able to be an accountable partner with your suppliers is essential. Keeping loyal clients by demonstrating you are a personal and professional organisation makes an enormous difference.
Mistakes happen, you cannot avoid that. It is your decision how to resolve and prevent these mistakes that makes a difference.
Demonstrate your human side and manifest you are a learning organisation, aiming to always achieve top quality.
If you want this for your organisation, then take the first step and purify your data.