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Mastering data stewardship: A comprehensive guide

By July 1, 2024July 8th, 2024No Comments
data-stewardship

In today’s Digital Age, understanding your data is paramount. This begins with data stewardship or the practice of responsibly maintaining data. Data stewardship ensures your data is always consistent and accurate. This article dives into how data stewardship can lay the groundwork for effective decision-making.

The ABCs of Data Stewardship in the CRM Context:

Data literacy refers to the ability to read, write, and communicate data. But to take it a step further, one must also understand their business’s objectives.

Data literacy is an essential housekeeping activity within a CRM system such as Zoho One. It emphasizes the importance of knowing, describing, capturing, and entering data into the system, from customer contact details to sales transactions and customer service interactions.

Becoming a good data steward means understanding that the value of data lies in its quality. Consistency and accuracy are also the cornerstones of this quality. Activities like ensuring consistent use of terms and formats can enhance the reliability of your data. For instance, always use “Street” instead of “St.” or ensure phone numbers follow a standard format.

Principles of Effective Data Stewardship

Good data stewardship centers on ideas of data ownership, responsibility, and openness. Using these ideas, companies guarantee responsible data management, thus preserving their integrity and following privacy policies and data security rules. Organizations may reduce data handling risks and establish confidence with stakeholders by precisely outlining roles and obligations.

Best Practices for Ensuring Data Consistency and Accuracy

Organizations should use best practices including standardizing data entering fields, implementing data validation standards, and using automated solutions for data cleaning to guarantee data consistency and correctness. Clearly defined data standards and norms enable privacy policy compliance and improve the dependability of corporate insights generated by data analysis, hence preserving data quality during its lifetime.

These methods not only increase operational effectiveness but also protect private data in line with legal criteria and show a dedication to moral data handling methods.

How can business owners effectively use KPIs to drive business growth?

To understand your business using data, you must go one step forward from data collection. You must analyze and interpret the data so it makes sense to you. This is where Key Performance Indicators (KPIs) come into play.
KPIs are specific metrics that measure the performance of areas in your business. Relevant KPIs might include customer profit ratio, sales growth, or net customer additions. This is why it is important to have a clear understanding of your business’s objectives so that they can easily be measured.

Deciding which KPIs to track can be a manageable task. Start by identifying some areas of your business for which you would like to track performance. Then, identify the data sources specific to these domains. Start with one to three KPIs and add up to seven as best practice.

Case Studies and Success Stories

Real-world examples demonstrate the effectiveness of using KPIs to drive business growth and achieve strategic objectives:

Example 1: Sales Performance

    • Business: BrightStar Solutions
    • KPIs Tracked: Sales Revenue Growth Rate, Customer Acquisition Cost (CAC), Conversion Rate
    • Outcome: By tracking these KPIs, BrightStar Solutions identified inefficiencies in their sales funnel. They optimized their lead generation process and improved the conversion rate by 20%, leading to a 30% increase in sales revenue within six months.

Example 2: Customer Satisfaction

    • Business: Harmony Customer Care
    • KPIs Tracked: Net Promoter Score (NPS), Customer Retention Rate, Customer Lifetime Value (CLV)
    • Outcome: Harmony Customer Care focused on enhancing customer experience based on NPS feedback. By increasing their NPS score from 60 to 75 through targeted improvements, they achieved a 15% increase in customer retention and a 25% rise in CLV over one year.

How are these concepts interrelated? 

As a beginner navigating data stewardship, I find it essential to understand data literacy concepts. Moreover, consistent and accurate data management and measurable KPIs can help you develop meaningful business strategies. The more you understand your business’s data and can measure performance, the better.

Are you ready to elevate your business to the next level? Embrace the power of data analytics with Zoho One. By integrating a CRM system, you can streamline processes and foster robust data stewardship practices, paving the way for more strategic decision-making. Dive into our blog to uncover how advanced analytics can create significant business value and help you stay ahead in today’s competitive landscape.

Take the first step towards transforming your business. Read our blog to explore the essential role of dashboards in data analytics and discover best practices for designing impactful visualizations. Empower your team with the insights they need to make informed decisions and drive growth. Don’t wait—start your journey with Zoho One today and unlock the full potential of your data!

This blog was written by Joshua Marsh, Finance Professional, Self-Taught Analytics Practitioner, Tableau & Alteryx Enthusiast, and a champion of driving tech innovation in finance.

Farhan Ali

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