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“The goal is to turn data into information, and information into insight.” – Carly Fiorina, Former CEO of HP.
In today’s time, a lot of organizations build their businesses around data and the quality of the data determines the efficiency of the business!
Dirty data is basically a record that contains errors or that is faulty!
The following data can be considered dirty data:
Let us now consider how this decayed data can impact our business goals-
It certainly doesn’t come as a surprise! Does it? A single error in data can lead to a loss of revenue. Your data loses its value and your clients and customers may lose their trust in your data and eventually, you may end up losing them.
When you have wrong data, your targeting strategy fails miserably! When your targets are not right, your marketing efforts go to waste. You cannot use effective marketing strategies on the wrong audience and get good returns! Ineffective marketing can demotivate you and your employees and then result in the decline of your business in the long run.
Data is collected by a company for a lot of purposes and one of them is to facilitate effective decision making. When the data that you have collected is false or void, the decision you make based on that cannot be relied on or trusted! For example, if you use an outdated database for making a decision in a current situation, the base of your decision is invalid and hence your decision also becomes null and void.
Outdated or incorrect data doesn’t just affect company executives and employees, but your customers as well. When you have the wrong customer information, you are not in a place where you can understand the needs of your customers and hence you don’t know what would make your customers happy or satisfied. All of these things result in poor customer experiences.
When you have outdated or incorrect data, a lot of your time gets wasted because you may reach the wrong person or not reach anyone at all! A lot of your time could just get wasted in retrieving your data and updating it! When your data is ineffective, your marketing strategies are ineffective and you face a terrible loss in your ROI.
It was reported that “40% of business objectives fail because of ineffective data” Clean data will ensure good ROI, effective marketing, and effective decisions. “An organization can generate up to 70% more revenue based solely on clean data,” said one report.
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