https://www.xperience-group.com/news-item/the-cost-of-dirty-data/
Are you confident in the quality of your business data? Can you rely on your data to make informed decisions? Are your business reports accurate? If you answered ‘no’ to any of these questions, ‘Dirty Data’ could be costing you!
Data volumes are exploding, which makes managing data harder than ever before. Many businesses are aware of their short comings when it comes to data, but often shy away from addressing the issues. Ignoring the elephant in the room can be costly.
Research from Experian Data Quality shows inaccurate data impacts the bottom line of 88% of businesses, with the average company losing 12% of its revenue as a direct result.
The cost of bad data could well exceed 12% when we consider the indirect effects. Can you afford to ignore your data issues?
With the increase in data comes the increased risk of poor quality data – here we explore the potential impact of poor quality data (or ‘Dirty Data’) on your business.
In business, time is money! According to Interact, a startling 19.8 per cent of business time (the equivalent of one day per working week) is wasted by employees searching for information to do their job effectively,” – How much is it costing you?
To attract and retain customers you need to spend money on marketing and advertising. But, if the data you hold is inaccurate or out of date and it is difficult to report on results you are literally throwing money down the drain.
When data is held in multiple systems, in different formats with different values it impossible to interpret and use it. This means important decisions are based on misinformation, which can have disastrous effects.
By using inaccurate data often your communications will not reach the intended recipient which can damage your customer relationships and their experience. The most powerful marketing is word of mouth, and if you have unhappy customers you could damage your reputation and chances of referrals.
Staff retention is increasingly challenging and it comes down to more than just a good benefits package – job satisfaction is key. Bad data can slow your people down and impact performance, and along with it their morale causing them to look elsewhere.