The so-called Millennial generation now represents the single largest population group in the United States. If they don’t already, they will soon represent your largest base of customers, and a majority of the work force. What does that mean for the rest of us?
It doesn’t necessarily mean that you have to start playing Adele on your hold music, or offering free-range organic lattes in the company cafeteria. What it does mean, according to numerous social observers, is that expectations of quality are changing radically.
The Baby Boomer generation, now dethroned as the largest population group, grew up in a world of amazing technological and social change – but also a world where wrong numbers and shoddy products were an annoying but inevitable part of life. Generation X and Y never completely escaped this either: ask anyone who ever drove a Yugo or sat on an airport tarmac for hours. But there is growing evidence that millennials, who came of age in a world where consumer choices are as close as their smartphones, are much more likely to abandon your brand if you don’t deliver.
This demographic change also means you can no longer depend on your father’s enterprise data strategy, with its focus on things like security and privacy. For one thing, according to USA Today, millennials could care less about privacy. The generation that grew up oversharing on Instagram and Facebook understands that in a world where information is free, they – and others – are the product. Everyone agrees, however, that what they do care about is access to quality data.
This also extends to how you manage a changing workforce. According to this article, which notes that millennials will make up three quarters of the workforce by 2020, dirty data will become a business liability that can’t be trusted for strategic purposes, whether it is being used to address revenues, costs or risk. Which makes them much more likely to demand automated strategies for data quality and data governance, and push to engineer these capabilities into the enterprise.
Here’s our take: more than ever, the next generation of both consumers and employees will expect data to simply work. There will be less tolerance than ever for bad addresses, mis-delivered orders and unwanted telemarketing. And when young professionals are launching a marketing campaign, serving their customers, or rolling out a new technology, working with a database riddled with bad contacts or missing information will feel like having one foot on the accelerator and one foot on the brake.
We are already a couple of steps ahead of the millennials – our focus is on API-based tools that are built right into your applications, linking them in real time to authoritative data sources like the USPS as well as a host of proprietary databases. They help ensure clean data at the point of entry AND at the time of use, for everything from contact data to scoring the quality of a marketing lead. These tools can also fuel their e-commerce capabilities by automating sales and use tax calculations, or ensure regulatory compliance with telephone consumer protection regulations.
In a world where an increasing number of both our customers and employees will have been born in the 21st century, and big data becomes a fact of modern life, change is inevitable in the way we do business. We like this trend, and feel it points the way towards a world where automated data quality finally becomes a reality for most of us.