Data is the fuel that powers our world. Literally!
Forecasts reveal that global data generation and consumption will reach 72 zettabytes by the end of 2022. Further projections show that the growth will be on an upward trend in the coming years.
But the big question is, how much of this data can we trust?
The answer will shock you.
77% of decision-makers don’t trust their data, deeming it as ‘stale’.
Before we go any further, what is stale data?
Stale data is information that no longer reflects current details regarding a person or company.
In some circles, it’s referred to as rogue or dirty data.
This type of data can be:
What caused dirty data?
Dirty data comes from:
- The point of entry
- Poor internal communication
- Lack of standardisation
Sometimes it’s unavoidable, for instance, when people:
- Move jobs or locations
- Change phone numbers
With businesses relying on data to make crucial decisions, it is more important than ever to ascertain its validity.
What Your Organisation Can Gain From Clean Data
Here are five benefits of clean data:
Better Return on Investment
Did you know that dirty data costs organisations upwards of £13.06 million annually?
Here’s how that happens.
To make sales, you must plan and execute marketing and sales campaigns, which require sizable investment. Now, if you have inaccurate or outdated details, you’ll be targeting the wrong audience, hence you won’t get any conversions.
In other words, all the money, time and energy invested in your campaigns will have gone down the drain.
However, if you target the right people, you will likely see better traction.
Fostering a More Productive Workforce
Teams spend lengthy and valuable amounts of time validating dirty data. Not forgetting the time associated with cleaning up messes that occur due to miscommunications which can also be counterproductive.
If your database is clean, your team will spend less verifying or combing databases with duplicate records.As a result, they can cover more work quicker, and move on to other tasks.
Reducing Misinformed Decisions
Businesses typically rely on data for insights on how to maximise on operations. That could be on things like new product launches, planning marketing campaigns and transforming their brands amongst other things.
Shockingly, 82% of companies are making decisions based on inaccurate or incorrect data.
That’s a worrying statistic.
Already, 85% of organisations are reporting making poor decisions and losing revenue using stale data.
Clean data can offer you better analytics that enable companies to make informed and accurate decisions.
Improving on Customer Experience
Customer experience is a critical part of any business.
Customers expect you to have to pull up the right information upon contact. Otherwise, you risk losing their trust.
That’s not all:
If you don’t have up-to-date client information, you will end up contacting the wrong prospects. That means that you won’t be able to reach those awaiting your communication, which can lead to strained relationships.
Clean data can streamline communication, so you can reach the right people, and at the right time.
Following GDPR Guidelines
The General Data Protection Regulation (GDPR) requires organisations to have a customer’s permission before processing their data. It also states that companies are solely responsible for any breaches.
If they fail to do so, they face stringent penalties.
Therefore, it’s paramount that you cleanse your data to ensure that it’s as accurate and up to date as possible.
Would You Like to Cleanse Your Data?
The impact that dirty data has on businesses is staggering. Luckily, you can clean up your CRM by contracting a professional for help. This will make your business more agile and responsive. It will also help you cut down on unnecessary costs.
SCV offers data clean up services to ensure that your records are error free and up to date. For more information, please email me at email@example.com or call me on 07480 990 290. Alternatively, contact me by filling this form.