How Much is Bad Data Costing Your Company?

Updated on November 1, 2021

 

Many companies, assign the task of organizing and managing all this contact data mainly to IT technicians. But, bad data affects not only servers and databases – it affects everyone. It is a company problem. And when departments are demanding numbers despite of the data inaccuracies and its low quality, it results in making poor decisions based on those errors that result in negative consequences. Nonetheless, how much is this really costing us? Here is a survey from Gartner stating that:

 

 

 

  • data quality costs companies over $14 million dollars a year
  • on average, corporate data grows at 40% per year
  • approximately 20% of the average database is dirty

 

 

Have you ever wondered how many bad decisions you can avoid if you always have up-to-date contact data?

 

A few inaccurate records are not a big problem. But as your business grows, more and more information becomes affected by these issues. Costs escalate and efficiency drops. So what options do you have? What can you do to stop poor quality data hygiene before it spreads, and stop the consequences? Let’s take a closer look in the matter:

 

 

 

In order to help meet the rising urgency of this challenge, many companies use batch data enrichment and data validation tools to improve efficiency by setting processing priorities and completing data jobs.

 

 

One of the most useful batch processing tools require only a company email address or URL before they help you search and replace text in millions of files in the blink of an eye. The batch module gathers data on over 85 contact and corporate profile fields and uses this data to turn lists of email addresses or domains into fully enriched profiles.

 

 

 

Sales.Rocks’ Data Validation and Enrichment feature uses up to 150 different variables to provide enrichment and validation of data for any size in just a few minutes, encompassing several million data points like full company info, financial and contact data, historical data, technical data, and direct contact data. The platform uses strict quality assurance processes to verify their data accuracy.

 

In addition, LeadGenius uses fields like university attended and previous work experience for the data verification and enrichment process. This service can be used to discard bad leads, find new stakeholders and decision-makers without using resources due to inaccurate data. In comparison, Datanyze is a data management and enrichment tool that delivers additional piece of prospect intelligence – company cycling on or off competitor’s platform. This tool is mostly used for hard-hitting tech industry sales organizations.

 

 

 

The consequences of poor data quality 

 

Few inaccuracies in customer’s names or details are one thing. But oftentimes, incorrect data can affect other areas of business, such as productivity, security and making cost-effective decisions. In addition to revenues and savings, the benefits of clean data go much further. With reliable data comes stronger decision-making foundation backed up by data and more accurate reports. As a result, customers respond to more accurate personalization and all departments enjoy greater productivity and efficiency.

 

 

It’s like a perfect cycle of wins!

 

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