According to whatis golden record is a single, well-defined version of all the data entities in an organizational ecosystem. And, it’s sometimes called the “single version of the truth”, where the truth is understood to mean the reference to which data users can turn when they want to ensure that they have the correct version of a piece of information.
The golden record encompasses all the data in every system of record (SOR) within a particular organization.
And, if your data capture process is not working the best it can, it’s important to understand what’s at stake. If your process is manual or the information you’re capturing isn’t accurate it can have a negative impact on your business productivity, the level of service you deliver to your customers, your brand reputation and most importantly, your bottom line.
So, how can you optimize your data effectively and achieve “golden record” data?
What information needs to be captured in your golden record?
Think about the information and data you have access to. For example, for ecommerce professionals this would focus on customer information such as their name, address, payment details etc.
This looks at where the data comes from, so think about all the internal and external influencers that you have entering data into your ecommerce system.
This focuses on how easy it is for your data to be updated as new information enters your ecommerce system. You might not have an automated process in place for this and may currently rely on manual input to update your data lists.
This looks at how your data is managed ongoing, and how “clean” it is. For example, do you have a process in place that checks the accuracy of your data? Or, do you simply enter data into your ecommerce system and let it sit there? I would recommend timestamping when data was last refreshed.
Now you understand how to achieve the “golden record” and choose an integrated platform that will automate all the processes I’ve highlighted, you can begin reaping the benefits that come with an optimized data system.
At Loqate we act as a “data partner” for ecommerce platforms and take care of the valid address data and geocoding so that our customers have one less thing to worry about.
For more information about our systems, click here, and if you’d like to learn more about achieving golden record data get in touch.