The power of meaningful and accurate data

“Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the history of the world today was created in the last two years alone” so say IBM. However, the big data explosion has only just begun…

So how do we deal with all this data? What are our data options and how do we ensure we make the most of the information we have available?

Concentrating on data accuracy is key. We need high quality data that is up-to-date real-time and reflects the modern world of human activity, enabling us to gain real insight for better business decision making – And not just business. Think how the medical profession could benefit from total people-wide accurate real-time data to predict outbreaks of flu for example!

Facebook are one company who look like they’re doing it right. I log on, only to find Facebook is presenting me with advertisements for broadband providers that may be able to help me with my long-term issue of poor connectivity. Then there are the adverts for snowboarding apparel – dangerous for an extreme sports person like myself.

But while Facebook is hitting the mark with me, like most brands they still suffer from inaccuracies. In fact, Computer World say that big data typically suffers from inaccuracies of between 10-20%. While this may not sound detrimental, it could result in up to 200 million of Facebook’s 1 billion users being served useless adverts. And the result of bad data? Poor engagement, loss of sales and ultimately a significant impact on loyalty and engagement programmes.

To compete in today’s digitally driven world, businesses need to achieve an accurate 360-degree view of their customers.

Moving from big data to smart data is key to increasing effectiveness and opening up new opportunities. To drive business value you really need data that’s accurate, actionable and agile. Businesses need to correctly identify their target audience so that they can accurately drive key messages to the right customers.

While completeness, consistency and timeliness is important for your data, it’s also key to your overall marketing strategy. Your consumers also expect consistency and accuracy from everything from online to offline communications – bringing the accuracy of data full circle to stellar and strategic digital marketing.

Merrick Cardew is Client Services Director at Silver. Merrick is focused on helping global clients execute high impact, engaging and extremely effective lead generation marketing and brand awareness campaigns.