We live in a world where every person spends hours online, leaving tidbits of their lives and creating huge amounts of data. Every person on the planet creates around 1.7MB of data every second. And when harnessed correctly, imagine the potential it has.
In today’s cutthroat competition, accurate and relevant data is at the core of a business’s success. It has the power to transform the B2B business environment. While B2B businesses adopted static data long ago, dynamic data is still a new concept. But what is dynamic data? Why should one adopt it? Should a business hire a third-party database service provider? Let’s explore it.
What is dynamic data?
In simple words, dynamic data is the data that gets updated in real-time. It is highly accurate and allows businesses to create effective strategies and make relevant decisions. Since the data is updated and analysed per the customer, businesses can customise their strategies according to their needs and offer personalised experiences. Many database service providers provide dynamic data for company needs.
Why should a business adopt dynamic data?
- Real-time access to high-quality data
Data quality is the most crucial determining factor of a company’s success. Incorrect data can result in unsuccessful strategies, customer dissatisfaction, and huge losses. Dynamic data, unlike static data, is automated and has less scope for errors and inaccuracy. It will ensure access to high-quality data in real-time.
- Better sales
An organisation’s sales depend on both sales and marketing teams. When using static data, there is a huge chance of misalignment between these two teams. The data is continuously updated with dynamic data, and all the teams are given access to the same datasets, making them better aligned and promoting better sales.
- Customer-centric strategies
Every business needs to achieve customer satisfaction and loyalty to succeed. That is why companies have shifted to customer-centric business models and strategies. Using static data to cater to ever-changing customer demands is a recipe for failure. Dynamic data, on the other hand, with its real-time updation, can help map customers’ journeys, reduce churn, and increase customer satisfaction.
- Hygienic data
Bad data is inaccurate and outdated and is of no use to businesses. If used, it can also cause significant losses to the business. Data hygiene is the process of ensuring that error-free data is available for use. Since dynamic data is automated, it is also the most hygienic data. Dynamic data ensures high-quality data and helps manage operations efficiently.
- Better communication and alignment
Dynamic data is typically kept at a centralised location in the business and is accessible to all departments. It allows all the departments to be on the same page about their operations and facilitates better communication. Better communication helps achieve higher levels of efficiency and profits.
The goal of every business is to achieve higher growth and profitability. And this can only happen if it caters to its customers’ needs. Many B2B companies are still using static data despite its limitations. However, dynamic data has the potential to transform business operations and significantly increase growth and profits.