While the availability of data has never been better than it is today, the lack of quality-assured and integrated business and consumer data is a real problem for many companies. Studies show that B2B data changes by 70 percent in a year, which means that data quickly becomes inaccurate and can be a business risk.
Most businesses today are completely dependent on relevant business data. Having access to updated and customized data is business-critical to optimize your processes and make strategically smart business decisions. But the large amount of data available on the market also risks reducing the quality of information if it is not processed in a secure way.
Incorrect data poses both a business and societal risk.
The use of incorrect data poses not only a business risk but also a societal risk. In recent years, a plethora of new legislations have been introduced to ensure both the quality and security of data, such as GDPR. There are thus many different aspects, opportunities, and risks to consider in data management.
Many companies underinvest in data and overinvest in technology. You would never buy a product in the grocery store without a label of what the product contains or how fresh it is. But this is often how it works in our business data systems, and many base strategically important business decisions on data that is simply incorrect. You need a guarantor who can ensure that you use the right data in a smart and responsible way, says Axel Bäcklund, Head of Enterprise Solutions, Business Insight, at UC.
Optimized and automated processes for strategic business decisions
The market is moving towards increased automation and data-driven decisions regarding all processes, and customer data is no exception. Many companies are currently on a transformation journey focusing on updating, streamlining, and integrating existing processes with new data-driven working methods.
There is also a clear need to be able to collect as much data as possible in one place and to get systems to interact to find common values and, not least, cost-effective working methods. In this way, the issue of data management is also a business strategic issue but often ends up too far down the priority list for many companies.
There are many opportunities to grow your business efficiently and smartly if you have access to the right customer data. But a mistake that many companies make is to go directly to the solution instead of starting with the needs analysis. For data to be useful and add value to processes, it is necessary that it is both quality-assured and relevant, and this needs to happen automatically. No one has the time or opportunity to ensure data quality manually anymore, says Axel Bäcklund. Head of Enterprise Solutions, Business Insight, at UC.
The goal is an ecosystem of value-creating data for UC's customers.
UC is today one of the few players that can offer customized, flexible, and at the same time automated API solutions on the market for both business and consumer data.
We want to offer an important piece of the puzzle in building our customers' own data ecosystem. Currently, we focus on CRM-adapted data that facilitates the onboarding of new customers and monitoring information about your existing customer portfolio. By entering an organization number, you get direct access to updated information that cuts administrative costs and unnecessary time due to, for example, mailings or invoices that do not reach their destination. In the long term, UC wants to be able to offer a 360-degree view of your customers and partners, and we have an ambition to integrate sustainability data into our Business Insight API in the near future, concludes Axel Bäcklund.
Would you like to know more about how to integrate your CRM with UCs market-leading data for a deeper understanding of your customers? Fill in the form here
(link: https://www.uc.se/kunskap-inspiration/artiklar/kostar-dalig-datakvalitet-ert-foretag)and we will book a short call where we can tell you more and review which solutions suit your company.
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