Businesses thrive on the quality and reliability of data they collect and process.
According to a recent study, businesses attach a great deal of importance to their daily data management activities, without realizing that the crux of effective data management rests on the quality of data. A new global study, conducted by Experian Data Quality involved studying 1,200 companies across the US, UK, Germany, France, Spain, and The Netherlands. Interestingly enough, the study reported that nearly 75 percent of the companies routinely lose revenue due to poor-quality contact data. The primary reason behind this abysmal state of affairs is attributed to internal staff. Other cited reasons include poor internal communication, very limited data budget, poor resource allocation, and lack of strategy. The report seems to indicate that a multi-channel approach to data acquisition may be enhancing the problem a little more.
The following infographic includes the conclusions that emerged from the study, and the recommendations made by the study panel. The graphic has a satirical messagerevealing the adverse impact of unclean data on a business.
The lack of clean and good data can make a business lose revenue, customers or both! Generally, data collected from websites, mobile sites, forum posts, or customer service calls can have the following problems:
- Inaccurate data,
- Outdated data,
- Incomplete data, and/or
- Badly formatted data
If you review the infographic carefully, you will realize that some simple measures can help produce data that are free of the above-mentioned errors. Most companies have also reported that the ROI they expect from their data management strategies include increased efficiency, cost savings, better customer relationship, and more business opportunities.