Important Learnings from Data Statistics that Can Help Your Company

A man in a shirt and tie draws on what looks like a white board with words relating to data statistics.We live in an information age where data and content management are immense aspects of the business world. Following the importance of data, comes the importance of data quality - or the relative value of the data on a system. Just like an inefficient worker costs a company money, poor data quality squanders that same money. Data management and analytics help to navigate this complicated process.  

According to a 2013 survey by Garner, poor data quality costs a range of companies more than $14 million each year. Since then, the relevance of sound data quality has only risen. Let’s go through some noteworthy statistics on data quality before connecting them to your company.

Data Quality Statistics

  1. The annual cost of poor quality data in the US is $3.1 trillion (IBM)
  2. Bad data accounts for losses of more than 550 hours and up to $32,000 per staff member in the Marketing and Sales departments (DiscoverOrg)
  3. 25-30% of data becomes inaccurate each year meaning less impactful campaigns (MarketingSherpa)
  4. When averaged, it costs businesses $100 to maintain bad quality data, $10 to fix a duplication, and $1 to proactively prevent a duplicate (SiriusDecisions)
  5. Employees waste time on mundane data quality tasks at a rate of 50% for general knowledge workers and up to 80% for data scientists (MIT Sloan)
  6. On average, 40% of leads generated daily involve inaccurate data (Integrate)
  7. Of surveyed companies, 16% rate their data as “very good” whereas more than 25% would rate their data as “somewhat poor” or “very poor” (Dun & Bradstreet)

Partnering with an Experienced Company to Avoid These Statistics

These statistics paint a bleak image of digital marketing, lead generation, and data management. With so many duplicates, errors, and inaccuracies in the average data filing, it is essential to have a process of vetting and maintaining quality data that your business uses consistently. The team at Progressive Data Solutions has been in the industry for decades, helping clients get the most out of their digital assets. Since 2013 when PDS opened, we have offered Database Management & Analytics, Web App Development, and Mailing Lists management to take your business to the next level. 

Give our team a call today at (248) 313-9120 to help your organization achieve high-quality data. 

4 Tips to Improve Your Email Marketing Campaigns

Email marketing can be a challenge to navigate.  From subject lines to opening remarks, graphics, how to close your message, and more, there are many things to consider when setting up an email marketing campaign. Without years of...

How Data Management is Crucial for Small Businesses

Small businesses have challenges that large companies need not face. This danger they face makes it more understandable why so many small businesses fail. Many business owners know that data analytics can make a huge difference for their company....

5 Steps to Cleaning Up Your Data

Dirty things are not as good as clean ones, it is as simple as that. Clean data paves a path for more saving money, more streamlined processes, and overall more efficient work. Old, outdated, or redundant data can hold your company back from...

4 Ways to Keep Your Sensitive Data Safe

Some large companies have come under fire for not protecting their users’ data. The breaches that resulted ended up costing the companies millions of dollars. Aside from overall policy updates, they all would have benefited from data...

Guide To Direct Mail Success and Checklist

It is harder to turn down someone who is in front of you. Similarly, when you put your offer in your target audience’s hand, they are more likely to consider doing business with you. Direct mail marketing has been and continues to be a solid...

When Outsourcing Your Web Development Makes Sense

Do you remember a time when technology was a luxury and a hot new trend? Nowadays, incorporating tech into your business plan is necessary for most industries. A functional website is a fundamental aspect of your business’s success. For many...

Avoid These 7 Common Data Errors to Save Money

For businesses to run well, they must run efficiently. A big part of running an efficient company is cutting costs where you can to use your money more intentionally. For tech companies, digital inefficiencies can end up being a major financial...

Reasons Good Data Quality Improves Your Email Hygiene

Harnessing the potential of an email marketing program has many professionals focusing on creating engaging content. This push toward an enticing email leads them to pour effort into building personal connections and optimizing subject lines and...

Best Ways to Use Data Hygiene

Good data hygiene impacts your company by removing redundancies, streamlining your data, and ensuring the accuracy of reports so you can have the most tailored, client-centered solutions that will drive your business to the next level. Good quality...

What Back End Web Development Brings to the Table

The prettiest of websites are a joy to behold. No question. What happens, though, when a user wants to obtain some information out of that site? Does it provide the correct information on time? That's where having solid back end functionality...

Direct Mail is Alive and Well

With the rise of social media, many people would say that direct mail is dead. Fat chance! Direct mail has many advantages; it’s highly-targeted, cost-effective, and flexible. Even though many campaigns are now replaced with online...

Why Clean Data Matters

Data is the most valuable asset of any company (next to humans, that is). With better data quality comes more informed and actionable decisions, whether in the marketing and sales realm or from a business operations standpoint.  Contact...
Page: 12 - All