Bad Data Can Be Pretty Painful for the Pocketbook
Having a sound, well-thought business strategy in place can certainly push your company’s profits into the black. Your team can create, plan, and organize the strongest marketing push to your top tier customers and raise awareness to levels unimagined.
However, without accurate customer data, these well-intentioned efforts can turn into dust. Poor data can really impact business goals across all industries. From information technology to healthcare, one cannot ignore that data problems can alienate customers, damage reputation, and jeopardize efficiency. And with all of these business aspects at risk, a company is certain to put their financial and strategic goals in major jeopardy.
The numbers are alarming. According to Larry English of Information Impact International, Inc., “Process failure and information scrap and rework caused by defective information costs the United States alone $1.5 trillion or more.”
The results of bad data have cost companies of all sizes massive amounts of lost money:
- One insurance company lost hundreds of thousands of dollars in mailing costs due to duplicate customer files
- A telecommunications company lost $8 million a month due to data entry errors that prevented bills from being distributed
- A company specializing in information services lost an estimated $500,000 annually due to inaccurate data published in reports, leading to several recalls
There’s no doubt about it – without clean, useful data, a business cannot continue to sustain a successful path. Clean data means a better understanding of competitors and customers – and a better business. Visit Data Ladder for more information on our data cleansing software suites.