Insights into Modern Data Cleaning and it’s significance to your business
Before talking about Big Data for B2B, let’s get some things clear.
A few decades ago nobody thought about data cleaning. Managers at all levels could make important business decisions based solely on their experience or ‘gut feelings’. They get away with it- perhaps even end up making profits. However, business intelligence and clean data have become key factors in staying ahead of the competition. This crude approach to business’ decision-making no longer seems to work.
Big Data for B2B and Data Cleaning
In fact, according to the results communications a recent study published in the Harvard Business Review, it is clear that evidence-based decisions are becoming increasingly important within the business environment and are no longer just a luxury that can be replaced by ‘gut-feelings’ at any time. The essential foundation for all business decisions today is the possession of the good, big data for B2B, and constant Data Cleaning, and the following facts clearly prove this:
1– The American economy, in terms of tangible costs like staff overheads and unnecessary postages to invalid addresses, loses about $611 billion every single year!! That amounts to a significant percentage of the country’s entire GDP, and while it may seem like an abstract figure withdrawn from your business, it could still cause damages to your bottom line. (Data provided by Data warehousing institute on their study on Data Cleaning and its results)
2- A company can boost its overall revenue by at least 66% simply by adopting and implementing the best practices in data quality and regular data cleaning.
3- A company could lose between 20-35% of its total operating revenue through the presence and use of bad data.
The Solution
The quality of data stored within a company’s CRM will determine, directly or indirectly, the productivity and profitability of the enterprise. Obsolete or incorrect data may not only just cost you money and valuable time, but it could also damage the reputation of your company among present and prospective clients. These are just a few of the reasons why it is the interest of every forward-looking business to adopt and install quality data-management systems, and this process begins by cleaning all your data, Read more about Data Cleaning by raising an inquiry on our website.
Sources of bad data and why it is important to clean bad data regularly:
Bad data can come from many sources. Consider the following:
- Irrespective of the level of communication, it is always a person you’re talking to. Even business communication eventually targets people. Humans will never really remain stagnated for long. As people move, change or die, the data concerning them becomes obsolete. It leaves you with completely useless data. Even under the best circumstances, without proper data management, big data for B2B can be messy. About 25-30% of your organization’s data will continue to become irrelevant. In reality, data experts agree that the rate of data decay stands at about 4% per month on average
- Information and data are only as intelligent as the person who collects and records them. However, since most businesses have physical data collection points operated by human beings, mistakes are to be expected during the data collection and entry process. Mistakes such as misspellings, missing phone numbers, and duplicate contacts are not uncommon in such situations, but they can be very hard to spot manually and eventually find their way into the company’s database where they get eventually stored as bad data. The problems associated with this kind of data are two-fold;
- Using the wrong contact information means that your correspondence does not reach its audience. Thus, any money spent in preparing and sending the said communication will go to waste.
- Clients and prospects tend to respond more favorably to correspondence if that correspondence bears accurate information about them. And then, there is the age-old problem of spamming your audience’s inboxes with multiple emails. This would be the case if you have duplicate data present in your CRM system.
Conclusion:
It’s worth pointing out that data collection and proper Data Cleaning are necessary for every business in every section. For instance, marketers can incorporate data collection tools and data mining techniques into their strategies instead of just flooding their audience with information. This makes big data for B2B and its maintenance supremely important.
Expert data cleaning service:
At BizProspex we are committed to helping our customers get rid of all bad data. Our team ensures that you have only clean databases in your CRM system through our Manual Data Cleaning services. We have a special and wide range of cleaning and data appending services to provide a one-stop solution for all. When it comes to quality big data for B2B, we’re the best!
At BizProspex we make sure that all our clients’ data have amendments in all of their stales-data. We make it relevant to their current situations. Our experienced team of data experts are aware of exactly how to validate and modify data. What’s more, we understand just how expensive the data cleaning and updating process can be for businesses. So we do all in our power to provide affordable rates that can fit within your budget. Our manual data mining services help you become more efficient.
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