Optimizing Revenue with Quality Data
It is a capital mistake to theorize before one has data.
—ARTHUR CONAN DOYLE (VIA SHERLOCK HOLMES)
Organizations run on revenue. This is true for government, nonprofit, and commercial organizations alike. In order to maximize your revenue, you must know your citizens, donors, or customers. You have to know what they want and do not want. It is all in the data. Data impacts all aspects of revenue, including:
• Customer loyalty
• Customer churn
• Customer acquisition
• Competitive advantage
• Reaction to marketing changes
• Corporate innovation
1. Data quality and data governance should never be considered a one-time project. A quality culture must be established as an ongoing, continuous process.
2. No organization can tackle enterprise-wide data quality and data governance all at once. To be successful, your journey must be evolutionary. Start small and take achievable steps that can be measured along the way.
In the effort to improve revenue and profits, companies increasingly study their relationship with consumers. Who buys from us? What do they buy? What marketing efforts trigger greater spending? Who are our most profitable customers?
While companies are engaging in customer relationship management (CRM) and similar solutions to answer those questions, they are also trying to enhance revenue through programs ...