A report on a recent business survey found that, on average, out of every £6 spent out of their budget, departments wasted £1 because of poor data quality. Business people are aware that having clean data that gives accurate information helps them swim away from their competitors, but many still struggle to keep their heads above water rather than invest in data quality solutions.
Sinking Under the Dead Weight of Bad Data
Their inaccurate data has resulted in them being caught in the net of duplicate mailings that have made them a laughing stock, turning off potential targets and making past customers think again. Bad or delayed business decisions because of incorrect information has them dead in the water; lost contacts mean many lost opportunities holding them down. Their non-compliant data gets them in trouble with the law and the penalties are so heavy they are dragging on the bottom.
The Wise Swim to Victory
According to the survey report, the three quarters or so of UK companies that have been wise enough to spend on data cleansing software in the last two years are on top of the waves, despite the depressed economy. Around 90% of them report higher profits, with the average increase nearly £800K. And the global average return on such investment is 300%.
Clearly it’s not just the wastage that has been avoided. These organisations’ clean data has also helped them generate the extra business that resulted in the increased profits.
Swim into the Lead with Some Master Data Management
To make sure you don’t let the competition get ahead of you, you need to swim along with data cleansing solutions that include merge purge software, dedupe software, and address verification software. You won’t get your single customer view without them, but once you have them, your clean data will have you floating up there with the leaders, maybe even surging ahead.