In this special guest feature, Jean-Michel Franco, Director of Product Marketing for Data Governance at Talend, discusses how big data can affect customer relationship and how data quality can be the weak link in an organization’s digital transformation. Jean-Michel has dedicated his career to developing and broadening the adoption of innovative technologies in companies. Prior to joining Talend, he started out at EDS (now HP) by creating and developing a business intelligence (BI) practice, joined SAP EMEA as Director of Marketing Solutions in France and North Africa, and then lately Business & Decision as Innovation Director. He authored 4 books and regularly publishes articles, presents at events and trade shows.
What if you were able to manage your own data to boost your customer relationships?
The digital transformation is underway now that all businesses, particularly those associated with customer relationships, have become aware of the value data can add to their operating activities. However, the divide between top performers and others continues to grow, with the latter only experiencing a fraction of the potential the digital economy has to offer. The most frequently mentioned causes for this shortfall range from a lack of management support, to the difficulty in recruiting experts in data science, and the inability to create a culture of experimentation. What is often overlooked as a reason for not taking full advantage of data is issues related to data quality. Yet, in this regard, the figures speak for themselves.
Several studies show that one-fourth of the contact details contained in corporate customer databases is incorrect. This is explained in part by the fact that they are rather volatile: 71 percent of this data has been changed at least once over the course of the last 12 months (i.e. based on a move, change of phone number, change of position, role, or situation, etc.). The result: 54 percent of companies admit they do not have the data required for personalizing their content or services to meet customer needs.
The cost of bad data has been estimated at $14 million dollars a year for each large company. Add to this the problem of poor customer consent management and opt-in, which erodes consumer trust, the difficulty of dealing with privacy regulations, and data loss – 534 million personal data records have been compromised since 2005.