Is Bad Data Hurting Your Business?

You heard data is useful for businesses. It helps generate insights, streamlines process, further increasing revenue and sales.
And all these happen only if the data is good; what if the data is bad? It would reverse the results. A decayed data is worse than no data, as you would spend your precious time focussing on leads, processes that won’t deliver desired results. It would also lead you down the rabbit hole with huge losses. USA loses $3.1 Trillion yearly because of poor data.

What Is Bad Data?

• An incomplete data
• A duplicate data
• Irrelevant data
• Old data

Why Is It Dangerous For Your Business?

• It significantly affects organizational efficiency
• It gives wrong insights
• It could lead to project failure
• Distorted success metrics information
• It exponentially increases costs
• Decreased customer satisfaction rate
• Invalid reports

Statistics On Bad Data:

• Organizations lose $13.3 Million yearly due to poor data
• 40% leads consist inaccurate data
• 21% of organizations got bad reputation due to poor data
• Near to 30% operating expenses because of bad data
• Organizations lose 20% revenue due to dismal data
• Inaccurate data affects bottom line of 88% companies.

Percentage Of Irrelevant Information In Bad Data:

• 15% had duplicate data
• 6% invalid mailing address or email address
• 8% had missing fields

How Do Organizations Find It Early?

• You’re finding significant information missing
• The process not going on right track
• Not connecting with desired prospect
• Costs have hugely shot up
• Teams’ co-ordination in doldrums

Why Bad Data Emerges At All?

• You received data from unauthentic sources
• Significant portion of bad data already exists in database
• You didn’t optimize the data at intervals
• Poor data collection methods

How Do You Clean Data?

• Data updating on a regular basis
• Enable the data management process

Other Methods Of Coping With Bad Data:

• Executing advanced data quality programs
• Analysing each set of data in the database
• Regular checking to see if data aligns with customers’ information
• Cleaning up immediately if any discrepancies

How Does Bad Data Affect Employees?

• They won’t get the desired results
• Low morale and inefficient coordination
• Blame game starts decreasing productivity
• Results to higher attrition rate

Conclusion:

For many years, bad data has affected businesses across the world. They suffered huge losses and the consequences were too harsh where they couldn’t get back reputation they earned. It’s just not the small and mid-sized businesses that have suffered from bad data; large enterprises also fall in this bracket. In fact, they suffer greatest as they invest a significant amount for mammoth results at a targeted time.

The crucial thing that businesses could do here is finding out the bad data at the earliest to mitigate chances of losses. The infographic explains more about the bad data with some relevant statistics to get a better understanding and implement it in process.