Data Accessibility, Data Quality, and SMEs
Data has now become more important than ever as the world is increasingly digitized and more businesses are aiming to achieve digital transformation.
Playing a major role in determining the success of businesses, the two main measures of data that are often emphasized are Data Quality and Data Accessibility.
As we step into the new digital era, data is not just a crucial part of big and well-established companies.
Small and Medium Enterprises (SMEs) nowadays also have to rely on data in order to accurately analyze their performance and strategically plan their future activities.
For any business to strive and stand out from the competition, they will have to fully utilize data and be data-driven in their decision-making.
In order for us to dive deeper on “Is Data Accessibility and Data Quality Important for SMEs?”, it is necessary to first understand what is the definitions of Data Accessibility and Data Quality.
What is Data Accessibility?
Data Accessibility is a measure that shows how easy it is for users to acquire, modify, retrieve, or move data.
Simply put, Data Accessibility is the availability of data.
What is Data Quality?
Data quality is the condition measuring of data according to factors like accuracy, consistency, reliability, timeliness, and completeness.
Why is Data Accessibility & Data Quality Important to SMEs?
Data Accessibility and Data Quality are both equally important to any business, no matter the size or industry.
By having high Data Accessibility and Data Quality, businesses will have a greater competitive edge over the other companies in this digital era.
But how are these two factors important to SMEs?
To help you understand why here are some advantages of having high Data Accessibility and Data Quality for SMEs:
1. More Well-Informed Decision Making
Having high Data Accessibility allows SMEs to be more well-informed, thus enabling them to make critical decisions when needed.
The decision-making process of SMEs can also be more data-driven when the data is highly accurate and reliable.
With good Data Quality, the decisions made by SMEs will be more impactful and significant, which helps lead them in achieving business goals much quicker.
2. Better Audience Targeting
Identifying the right target audience is important for any business. Brand building, sales pitching, product designs, and even placements of products are all affected by the audience targeted.
To stay relevant and competitive, businesses have to continuously work on identifying, narrowing, and understanding their target audience more accurately. However, without high-quality and easily accessible data, SMEs will have a hard time doing so.
With high Data Accessibility and Data Quality, specifically data of customers, SMEs will gain more understanding of their customers, thus allowing them to better identify and specify their target audience.
3. More Effective Content and Marketing Campaigns
Accurate audience targeting through high Data Accessibility and Data Quality helps SMEs to create content and marketing campaigns that are more effective.
As SMEs understand their audience better, the easier it will be for the marketing teams of SMEs to create content and ads that are more appealing to the right audience.
Strategizing and planning marketing ad campaigns can also be more data-driven and effective, which in turns help increase the conversion rate and profit of SMEs.
4. Easier Implementation of Data
Implementation of data will be a lot easier when high-quality data is just at our fingertips. Without having to waste time searching for the data needed and eliminating the doubts on data reliability, utilizing data to make decisions, and coming up with strategies will be more efficient.
The overall productivity of SMEs can be improved when business data is accurate.
This is because employees will be able to collaborate and communicate better when data is consistent, coming from a Single Source of Truth.
To sum it all up, SMEs should definitely pay more attention to the accessibility and quality of their data. There are many ways to help boost the Data Accessibility and Data Quality of SMEs.
One of the simplest ways is by implementing a business software that is most suitable for you! At Pivotino, we have the best solution for you to improve your Data Accessibility and Data Quality, learn more about our Digitize & Digitalize solution here!