Data quality not only facilitates data analysts to perform their tasks well, but can also translate investments into profits. Corporate giants consider good data and analytics capability a major criterion for top investments.
Bad Data Hits Hard at the Base
Gartner measures the average financial impact of poor data on businesses at $9.7 million per year, though these loses are not solely financial. When we speak of good data, organizations mostly consider investing on expensive storage infrastructures and sophisticated platforms. While such investments are valid, considering the importance of data quality and investing in them is equally crucial. You are weakening the base of the organization if the data you are working which is outdated, inconsistent and inaccurate.
Dependency on poor quality data can lead to:
- Loss of reputation that can range from minor damages to major public relation disasters.
- Loss of critical opportunities due to duplicate and irrelevant records—you might land up wasting time and money chasing wrong prospects!
- Loss of revenue through communications that failed to convert to sales due to incorrect data.
Appropriate Data Means Better Business
Research proves that the biggest assistance in lead generation is the availability of quality data. Data has become the buzzword in the field of sales and marketing—one of your main assets that can have a measurable effect on your revenue.
Up-to-date contact information, industry trends, customer activities, etc. can help you increase the number of prospects and closed deals.
A Few Useful Tips
To gather reliable data:
- Monitor customer trends and behaviors
- B2B organizations pick up more third party and real-time data
- Ask for feedback from existing customers
- Track site visitors
Only Numbers Are Not Enough!
Insight-driven organizations tend to grow and can expand their customer-base at a higher rate than other companies can. Numbers might speak volumes about the performance of the project, but working with the data is also extremely important. Data does not only mean numbers, it also refers to the insights that you obtain through their analysis. You will be able to get an overview of the reasons of success and failures and develop action plans only through correct analysis of the acquired data.