Mirror Mirror...

Today we cover what is the fairest data of all.

We need to set this in context first. The key question to ask is does the datum impact any of the business drivers in question. If not, who care?

Now that you have isolated the umpteen odd data elements that impact your business, how to validate the data. This is important because any analysis you make or decisions you take will depend on how good and relevant this data is.

I suggest you follow the following steps:
1) Is the data there?
If it is missing, that data will not help analysis. Here one must be careful to distinguish between "no data" versus "missing data".

2) How to populate missing data?
If data is missing, how to get it? Logic suggests that one asks a Customer. Organizations often have an illogical fear of talking to Customers. We will discuss this separately under the context of Customer Service.

3) Is the data correct?
This brings us to data that is there. If there is any doubt that the data correct, lets ask the customer and validate it.

4) Is the data current?
Any good CRM or Database should maintain last time data regarding this customer was updated and by whom. Some data changes over a short duration and others change over a long duration. Reviewing the date will tell us if we need to revisit and get this updated.

5) Is the data standardized?
For good analysis data should be standardized. In some future blog, I will cover my experience in the use of reference tables and such things.

Follow this for your most valuable segment of customers first, implement programs that help and attract them to you and you will have a better ability to weather economic uncertainties. Of course, you will also need to figure out how to keep them with you during these time.

Oddly enough, this will happen when Customers see that we treat their data with care, keep it current and manage it like a precious resource.

I would not do business with organizations who seem to sell your data to any Tom, Dick or Harry. Will you?