Original Article Published on 12/10/2019
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 amount of money. Data management and analytics help to navigate this complicated process.
According to a 2013 survey by Gartner, 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. In a more recent study, Gartner forecasts worldwide IT spending will grow to 2.4% in 2023—including marketing data programs, social advertising, and paid search. Since the cost of a data breach to businesses has increased by 10% in recent years, it’s crucial to maintain proper data quality across the board.
Data Quality Statistics
Successful business initiatives start with trusted, quality data. It’s important to find a marketing-leading solution that will enable you to accelerate business growth and key programs. Let’s go through some noteworthy data quality statistics before connecting them to your company.
- The annual cost of poor quality data in the US is $3.1 trillion (IBM)
- 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)
- 25-30% of data becomes inaccurate each year meaning less impactful campaigns (MarketingSherpa)
- When averaged, it costs businesses $100 to maintain bad quality data, $10 to fix a duplication, and $1 to proactively prevent a duplicate (SiriusDecisions)
- 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)
- On average, 40% of leads generated daily involve inaccurate data (Integrate)
- 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)
- 57% of marketers are getting diminished results as a result of misinterpreting data (Towards Data Science)
Partnering with an Experienced Company to Avoid These Statistics
These statistics paint a bleak image of digital marketing, lead generation strategies, and data management systems. 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. By improving data quality, you can better influence your business decisions, target audiences efficiently, and increase your potential customers.
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.