Why Data Quality Should Be Mission Critical for Your Organization
Current estimates on the market size of big data worldwide are $136 billion per year. That should not be surprising. However, the real shocking number is the yearly cost of poor data quality in the U.S. alone equating to $3.1 trillion. It is stunning how much money is lost, how many erroneous decisions made, and the overwhelmingly negative impact poor quality data affects a company’s reputation.
Improving data quality yields tremendous opportunities for companies large and small. Data administrators who manage and maintain this asset can be champions for their organizations when they take the appropriate actions to clean and continually maintain the integrity of the data.
Customer Relationship Management (CRM) systems are great tools for managing customer relationships; however, it does not automatically yield high-quality customer data. In reality, CRM systems are like an empty filing cabinet. Each user must decide what they expect to file, what system they intend to use, how they will maintain this system, who will have access, and who will be responsible for keeping these files in good order.
This white paper explains why organizations should invest time and resources into improving the quality of data in their CRM systems and presents a simple plan of action to establish and maintain a higher level of data quality.
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