Data Cleansing Services to Confront the Impact of Bad Quality Data on Businesses

Data Cleansing Services To Confront the Impact of Bad Quality Data on Businesses

The importance of data is well acknowledged by every business leader and most consider it as a top investment priority. However, organizations do not have a 360-degree view of data required to make critical business decisions – being scattered in different business processes or present as redundant entries in different databases of the same organization.

A Gartner study states that organizations lose an average of USD 9.7 million per year as an impact of poor data quality. In its raw form, the data is incomplete, inaccurate and might contain some irrelevant entries as well. The insights gauged from this poor data quality diverge the analysts from achieving the desired objectives. It is important to note that the loss that a company faces is not always monetary, it could be higher-risk decisions, loss of reputation in the industry, as well as missing upon opportunities that remain uncovered.

As a result of this, businesses are now investing in data cleansing services to enrich their data quality, combat the cost of bad data, make more informed business decisions, and improve their overall outcomes. With this blog, you can understand in detail what are the advantages of good-quality data and how are they easily realized by engaging a professional data service provider.

What Difference Does Good Quality Make for a Business?

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Effective Decision Making

There is an old adage that goes like, “garbage in, garbage out”. This stands true in this case as well. Users will have more trust in the decisions and results as the quality of data improves. Additionally, it will lower the risks of deviated outcomes and result in increased efficiency.

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Optimized Marketing

Good quality data implies that data is free of any irrelevant entry, null and void values and, precise. This enables marketers to take more targeted-approach while creating campaigns and communications. This is especially beneficial in the omnichannel environments for which many organizations are striving.

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Increased Productivity

By leveraging data cleansing services from a trusted service provider, organizations can save their time spent in validating and verifying the data. It can rather be put to use for core functions, thereby increasing productivity at the enterprise level. Moreover, the outsourcing companies know how to get the tasks done without any error, so your staff doesn’t have to scratch heads thinking about this activity.

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Strict Adherence to Data Security Rules

Compliance has to be an ongoing focus for organizations looking to expand territories since new rules and regulations continue to evolve in every region. For instance, in the finance sector, business relationships and trades are governed by regulations. In this industry, good-quality data is of a top-most priority since it enacts as the difference between losing millions of dollars as fine or compliance.

Disadvantages of Poor-Quality Data Poor quality data can result in lost revenue in numerous ways. Firstly, it could be in the form of communications that do not result in conversions to sales, probably because the fundamental data is inaccurate. Next, it could also lead to disasters in business relations or public relations. Lastly, the businesses might miss a critical opportunity in terms of catering to the customer’s needs or new product development. Whereas, a competitor might capitalize upon this if they have a greater understanding of data.

To conclude this, companies are slowly investing in data cleansing tools and technologies since it helps to gain highly accurate and critical business insights. The other way and rather smarter option to choose is the outsourcing data cleansing service provider that caters to your business needs.

Get Your Quote Damco Solutions, an IT services and technology solutions company has been serving as a leading data services provider for the last 23 years. They commit to 99.9% accuracy and deliver highly efficient, accurate, and thorough output for different industries. Being the seasoned provider of data cleansing services, India and abroad, the company helps its clients to decode the true potential of their data.