How much do you really know about data quality? My guess is, like most people, you know it’s something important that has to be managed, but other than that, you try to stay as far away from it as possible. Since data management is often associated with tedious, manual, and inexhaustible work, it is usually ignored and passed off as “not my responsibility”. But if you don’t understand the implications of poor data in your CRM or Marketing Automation System, than you are doing yourself, and your company, a disservice. And let’s face it, today’s customer-centric landscape demands more from your business than ever before, including anticipating your customers’ needs. Once you read through these 10 data quality statistics and realize just how much poor data is affecting your entire organization, you’ll never turn a blind eye again.
Here are 10 statistics about data quality that will forever change the way you think about data:
- Sales and marketing departments lose approximately 550 hours and as much as $32,000 per sales rep from using bad data (DiscoverOrg)
- Every year, 25-30% of data becomes inaccurate leading to less effective sales and marketing campaigns (MarketingSherpa)
- Businesses lose as much as 20% of revenue due to poor data quality (Kissmetrics)
- On average, it costs about $1 to prevent a duplicate, $10 to correct a duplicate, and $100 to store a duplicate if left untreated (SiriusDecisions)
- Employees waste up to 50% of their time dealing with mundane data quality tasks (MITSloan)
- 40% of leads contain inaccurate data (Integrate)
- 41% of companies cite that inconsistent data across technologies (CRM’s, Marketing Automation System, etc), as their biggest challenge (dun&bradstreet)
- Only 16% of companies characterize the data they are using as “very good” (ChiefMarketing)
- In the next hour, 59 business addresses will change, 11 companies will change their name, and 41 new businesses will open (plus all the companies that will close) (Reachforce)
- 15% of leads contained duplicate records (Integrate)
Shocked at these statistics? Need a way to fix your data problem fast? RingLead Data Management Solutions is your complete data management platform, to capture, clean, protect, and enrich all of the data inside your CRM or Marketing Automation System in real time. Gone are the days of manually searching for, and deleting duplicate records. Automate your entire cleanse and duplicate prevention process using over 35+ custom matching logic rules specifically designed for your company’s needs. Once you’ve cleaned your records out, enrich them with crowd-sourced contact and firmographic information to create the most accurate buyer profile.
Ready to fix your data quality problem? Talk with a certified RingLead representative now by clicking the box below!