How bad data quality costing your business?
Businesses around the world recognize the importance of data when it comes to understanding their customers and taking strategic decisions for enhanced ROIs. However, in the scramble to be personalized, they disregard crucial facts about data quality which lead to incorrect analytical insights and wrong business decisions.
According to Gartner, “The average financial impact of bad data quality on organizations is $9.7 million per year.”
With the onset of big data, every organization has adopted various data collection techniques. They have realized that fact- based strategic decisions based on accurate data yield much better results than decisions based on extrapolations and assumptions.
What marketers don’t realize is that bad data costs a company much more than they can think of.
- Financial costs: Ovum Research reported that poor data quality costs businesses at least 30% of their revenue.
- Productivity costs: Incorrect sales data pushes sales persons to waste their time on dead leads or leads with zero returns. Inaccurate data can lead to skewed business strategies.
- Missed market opportunity: MarketingSherpa found that every year 25–30% data becomes inaccurate. Bad data can give misleading information about customer demographics and spending behaviors, which would lead to missed opportunities for marketers.
- Damaged brand image: Miss-communication is a huge turn-off for customers. Bad data can lead to wrong messages getting communicated to customers, a sense of dissatisfaction among them and even negative branding on social media.
