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
- 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)
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.