For good reason, businesses have begun to devote more strategic and financial resources to data standardization. Standardizing information into recognized representations on numerous platforms is unavoidable as businesses invest in newer software and corporate solutions. Data standardization is becoming increasingly useful and critical. Databases must be cleaned and standardized as more firms install newer software applications and continue to abandon older solutions. Let’s dive deep and understand the importance of standardization data for various business verticals and how outsourcing data standardization can spike your sales.
Data Standardization- What’s The Hype?
Data standardization is the process of storing, classifying, and displaying data in a way that is universally accepted and provides uniformity across industries or websites. Data standardization for e-commerce players is essentially about providing a similar experience across the site, regardless of the category being viewed.
Data standardization serves a vital role in that it prepares current data for easier collaboration, large-scale analytics, and the processing of complex AI and Machine Learning applications.
Data standardization is essential for organizations as part of their data management strategy. Without it, you may face issues such as higher operating expenses, inaccessible consumers, and erroneous business decisions as a consequence of incorrect data.
Uniform records make it simple to traverse your database, which has several advantages. You’ll be in a better position to succeed if your data is consistent. Here are the top five advantages:
- When it comes to your operations, you may save time, money, and energy.
- Equip yourself with the correct contact information to reach out to your consumers.
- To achieve success, make data-driven judgments.
- Give your company the advantage of having accurate and up-to-date information.
- Allow your data to be shared and leveraged throughout your company.
Data uniformity ensures the effectiveness of your data management operations. You can even outsource data standardization services to reap the following benefits:
Value Of Data in Different Business Verticals
The value of data can be seen in every aspect of your company, helping you to:
- Make More Educated Choices – Data guarantees that you only make adjustments to your company that will benefit it.
- Maximize your ROI — To get the most out of your marketing budget, you’ll need accurate statistics on each campaign’s return on investment (ROI).
- Identify and Resolve Issues – A thorough data analysis of your company’s data will enable you to discover where problems may exist and how to fix them.
- Understanding your Audience — Website analytics may assist you in determining who your existing audience is, including their age range, gender, and geographic area. The results could surprise you.
- Engage your Consumers — Using data on customer behavior to detect new trends immediately will allow you to adapt to user preferences and keep your customers pleased.
- Improve User Experience (UX) — Data-driven eCommerce is continually improving the onsite experience of customers. Once you know why shoppers leave your business without making a purchase, you can make improvements to lessen or eliminate these roadblocks, and your abandoned cart rate will decline.
- Improve Processes – By putting each new plan to the test and assessing the results, you can continually improve your company processes and prevent spending time or money on unsuccessful methods.
- Manage Stakeholders – Commercial data provides evidence that you may use to show stakeholders the effectiveness of your marketing tactics and win financing for future campaigns.
- Forecast Future Sales – Data is also useful for projecting future sales throughout the year, especially for critical retail times like Black Friday and Cyber Monday, to ensure you have the stock you need.
Why Should Businesses Invest In Data Standardization?
1. Data Literacy is a Major Problem
While most firms have modern technology in place, staff and employees are generally untrained on how to use them. In fact, Gartner predicts that by 2020, over 80% of companies will have implemented data literacy programs. As a result, employees will make repeated entries and duplicate datasets. Worse, they may continue to employ non-compliant data storage formats and antiquated technologies. This is one of the reasons why data standardization is more than just a tactical exercise; it’s also a chance for your employees to learn how to store and handle data. Data standardization is a great way for your team to pick up new skills in data formats and standards.
The ideal first step toward data success is to teach employees how to input data correctly and to ensure that any previous data errors are corrected with the help of data standardization services.
2. Errors in Artificial Intelligence will Continue to Rise
Artificial intelligence has been implemented in a variety of ways by several enterprises. Some companies are experimenting with chatbots, while others are experimenting with natural language processing. Many more are exploring language analysis and emotion recognition experiments. AI technologies aren’t flawless all of the time, and their flaws will continue to accumulate.
For your AI tool to function effectively in this case, the data must be as error-free as possible. The performance of your AI tool is aided by data standardization in both direct and indirect ways.
While artificial intelligence continues to aid organizations in their growth, it is equally critical that you minimize scenarios that might cause AI to make mistakes.
3. Regulatory Compliance Necessitates Better Data Management
According to studies, keeping data in incompatible formats leads to data corruption, security risks, and data theft. GDPR, HIPAA, and other regulatory compliance organizations demand that data be stored in identifiable and verifiable formats. Data must be stored in safe formats on even more secure systems in order to comply with regulations. You may start standardizing your database and making it safe and manageable, which will make it easier for you to comply with regulatory agencies.
Businesses that keep their data correct and on the proper platforms have been demonstrated to be more effective at complying with requirements. You can also outsource data standardization services to keep your data streamlined and updated.
4. Newer Business Programs are Still Being Deployed
According to all signs, more organizations are implementing automation solutions such as ERP and HRMS. To minimize duplicate entries and data synchronization, these technologies frequently need to be interconnected with one another. Data standardization allows you to store all of your databases in formats that are easily recognized by software applications across numerous corporate tools. This helps you prevent error warnings, missing libraries, and bad business intelligence. Businesses have no way of knowing which new enterprise software will be adopted. Keeping data in identifiable forms will help you stay out of problems in the future.
5. Data Recognition is Necessary for Business Understanding
Your ability to gain business insight is dependent on how accurate your databases are. It also relies on whether or not your analytics tool can recognize the database in question. To guarantee that you can draw insights from your analytics tool, you must make sure that it can recognize all of your databases promptly. Data is saved in a variety of software packages, all of which must be compatible with one another. Data standardization ensures that all of your databases can be handled quickly by analytics tools, ensuring that your business information is accurate and relevant.
When analytics tools can distinguish between the various forms in which you have saved data, they can deliver insights that will benefit your organization.
6. For a Long Time, Data Standardization will be Important
As you can see, data standardization is critical and will continue to be so in the future. Businesses, on the other hand, will need to invest more in data standardization in order to manage their databases effectively. Taking a close look at how data is kept and managed is only the first step. Another important step is to hire a database auditing company. The following are the key reasons why data standardization will be significant in 2022 and beyond:
- Allows your employees to learn how to save data in the proper manner.
- Avoid AI mistakes that have already started to accumulate.
- Comply with data rules and improve database openness.
- Make sure that any existing data is compatible with any newer software packages that you could use.
- Gain a deeper and more accurate understanding of your business.
Moreover, along with data standardization businesses need to ensure that the information is analyzed on a regular basis to get maximum profit. Here’s how data audit outsourcing services can save your business from data breaches.
Top Reasons Why eCommerce Giants Are Investing In Data Standardization
- Governments expect them to do the following: E-commerce companies in India have lately been ordered to show “country of origin” on all items. Similarly, to protect buyers from fraud, several governments are requesting that online markets publish certificates, warranty information, and other relevant indicators.
- It equalizes the playing field- Several freshly financed e-commerce players argue that “why to start from scratch when we can start from where Amazon currently is”; this way, users would be able to get an Amazon-like experience.
- E-commerce businesses may eliminate all consumer expectation difficulties by exploiting rivals’ data standardization efforts. Any new feature will be a welcome addition and may be leveraged to set yourself apart from the competition.
- It builds trust- Customers appreciate e-commerce companies’ efforts to make browsing easier for them by purchasing frequently. Data standardization may be a wonderful method to develop confidence and promote a new platform, especially because customers have begun to value excellent experiences and are even prepared to pay extra fees for them.
Role Of Data Standardization in E-commerce
Many engineers and designers feel that data standards are useless and that this has an impact on the final result. Similarly, e-commerce stakeholders have the same opinion. They see data standards as roadblocks, believing that they limit creative flexibility.
Everyone despises these rules, but they must be followed because:
- Customers are unlikely to switch their preferences for a single website.
- Compliance and certifications require them to adhere to a set of guidelines.
- Norms are being tightened by international regulating organizations.
So, since e-commerce players are being forced to comply with standards, why not use it as a weapon instead of griping about it? Here are some examples of how outsourcing data standardization services may assist your E-commerce businesses succeed:
1. Maintains Data Integrity
The first e-commerce business opened over three decades ago. While you have access to pre-built plugins and pre-defined formats, the early players had to rely on trial and error to get to where they are now. Some important processes should not be altered and should be kept alone.
By adhering to e-commerce data standards, it is simple to separate the “most vital” and “relevant information” for consumers from the rest. Following standards ensure that only important information is presented on the site, while the rest is hidden behind a facade and utilized to create theme-based buckets and improve product discovery.
2. Encourages Efficient and Better Decision Making
Customers will hunt for reasons not to shop at your new e-commerce business if it is brand new. Use all appropriate techniques to assist them in finding relevant information more quickly. E-commerce shops can help end-users make better decisions by standardizing their data. An attractive offer or a marketing campaign will never transform a user into a committed customer. Customers become repeat purchases as a result of a combination of excellent service, unparalleled experience, and superior deals.
Following standards will assist consumers in making rapid decisions by ensuring that all critical information is provided in the format that they are accustomed to. Customers who are in a rush will be able to make purchases without making a mistake this way.
3. Promotes Customer Acquisition
Marketers spend hours perfecting their landing pages, ad copy, and images only to have visitors stay for 1-4 minutes and then go. Customers are more likely to act when data standards are followed and all required information is shown in a defined way. They will add to the client acquisition game by bookmarking, adding to cart, leaving their email, Wishlisting a product, or just accepting push notification requests.
Data standardization is no longer a nice-to-have for your e-commerce site or platform; it’s a need. Your platform may turn into one that shoppers enjoy and recommend to their friends and family with the correct procedures and data standardization assistance. Data standardization can even serve as a springboard for an amazing client experience and the proper presentation of your items.
Building and operating an e-commerce shop appears to be child’s play from the outside. In actuality, running an e-commerce site entails coordinating multiple moving parts such as catalog administration, product management, and seller management, all while providing excellent customer service, controlling seller experience, preventing fraud, and much more.
It is feasible to start a successful e-commerce firm with a small workforce, but it is a mammoth challenge to operate it, expand it, and make it the preferred platform. If you’re having trouble handling these difficult procedures, E-commerce outsourcing is the way to go. Outsourcing non-essential operations allow you to better manage your time and resources so you can focus on your key procedures.
You might now want to reap the benefits of data standardization and must be looking for a professional and reliable data standardization company. Well, your search ends here at SunTec Data, discuss your queries by contacting at +1 585 283 0055, +44 203 514 2601 or firstname.lastname@example.org
1. What is the need for data standardization?
Since data is a crucial part of any organization or industry, creating consistency across different types of information becomes vital. Thus, data standardization helps in enhancing the quality of data, promoting better decision-making for ultimate business growth.
2. Is it worth investing in data standardization?
Yes, undoubtedly various business sectors can leverage data standardization to make their crucial and sensitive information more reliable and contribute to making informed decisions to drive success and achieve business goals.
3. Can outsourcing data standardization services be beneficial for my business?
Outsourcing data standardization services helps in cleansing, standardizing, verifying, and validating your business-critical data against reliable sources of information.
4. How does a data standardization company help in unifying the information across an organization?
SunTec Data offers data standardization services to help various businesses increase their process efficiency by eliminating data redundancy to ensure data consistency and compliance with quality standards.