As a society, we create 2.5 quintillion bytes of data every single day worldwide. Data is the heart of every company, yet a majority of companies claim to analyze only 12% of their data in order to make decisions. That is an exceedingly low percentage based on how much data we create on a daily basis. The reason this percentage is so low is because most people do not want to take the time to cull through, organize and interpret the data in their CRM. Most people do not realize however, the substantial impact that bad data can have on their organization, and choose not to take any action to maintain their CRM. Here are 5 common data quality myths debunked:
- “I don’t have dirty data in my CRM”- Although many managers would like to believe that their database is as clean as a whistle, it most likely is not. The truth is, approximately 20-30% of a company’s database contains inaccurate and/or incomplete information. Bad data can waste time, energy, and more importantly, money, with studies showing that bad data has a direct impact on 88% of companies bottom line world wide.
- “I can clean up duplicate records manually- it won’t take that long” – Cleaning up duplicate records is a long and tedious process that can take hundreds of hours when done by hand. Some organizations have reported to have as many as 30% duplicate records in their database with this amount increasing exponentially when duplicates are left untreated.
- “It’s not worth the money when I can pay someone to do it manually”- Buying an automated tool, like RingLead DMS Cleanse, is an investment in the health of your database. One study found that sales and marketing departments lose as much as $32,000 per sales rep from using bad data. Automated tools that can clean out and merge duplicate records with the click of a button, can save you hundreds of thousands of dollars in the long run.
- “Data quality isn’t really a big concern for my company”- If data quality wasn’t your concern before, it should be now. Studies show that if you don’t actively work on maintaining the cleanliness of your CRM, you can develop up to 20% duplicates in one year. Poor quality data affects employees from all departments, particularly sales and marketing, with 42% of B2B marketing professionals claiming that lack of data quality is their biggest barrier to lead generation.
- “I can use the free tools that come with my CRM and MAS platforms to completely clean up my database”- The free tools that come with CRM and MAS systems like Salesforce and Marketo, cannot do all of the complex tasks that data management companies, like RingLead, can do. RingLead DMS is the complete end-to-end data management solution that clean, enrich, normalize and prevent dirty data from clogging up your database. RingLead specializes in providing advanced, high-quality software to maintain the health of your CRM all in real time and in the cloud.
Still not convinced? Watch this video below to find out why your business needs a data quality solution today!