Many of today’s businesses rely on quality data for their client needs and to keep accurate records of their business transactions, purchases, lists and so forth. So the question was brought up to one of our data specialists by a potential customer about justifying yet another expense on data quality software.
Dirty data is the primary reason that 40% of all business initiatives fail to achieve their targets benefits. What is failure costing you as an organization? Our solutions are some of the leanest solutions on the market.
Harvard Business Journal says bad data costs US businesses $3 trillion per year. The number one issue is duplicate data. Duplicate data takes up precious space on your computer, thus making your computer run slow.
In a nutshell, dirty or duplicate data affects business processes, productivity, and decision-making — think operations, purchasing, reporting, analytics, policy, reputation, credibility and more.
A good analogy of how duplicate data affects our day-to-day business operation would be to compare it to cancer. Dirty data multiplies and affects your computer in a multitude of ways, including raising inaccuracies to an all-time high.
Don’t Play Russian Roulette with Your Business
Quality data will fuel the success of your organization. If we use the cancer analogy, and there was a way to absolutely prevent this cancer (duplicate data) from entering the body (computer), and becoming toxic, most wouldn’t think twice — they would take the medicine.
To quantify one of the many ways this is costing you money, let’s assume that each duplicate pair of records will cost the organization between $10-$50 annually in hidden operational costs.
As a baseline to this exercise, let’s assume that with a 5-figure investment, you find and correct a minimum of 10,000 duplicates in a matter of days or weeks. In making this investment, you’ll save the organization between 2 and 10 times what you spend this year, just in hidden operational costs.
By using Data Ladder’s DataMatch Enterprise, you have directly contributed to the success of every corner of your business. But guess what? You’re not done yet. Those duplicate records will continue to appear, at a rate of 10-20 percent annually. To keep your system clean, lean, and efficient, you’ll benefit from DataMatch Enterprise data cleansing software.