Did you know that the number one reason for CRM failure is bad data? On average, every 30 minutes 120 business addresses change, 75 phone numbers change, 20 CEOs leave their jobs, and 30 new businesses are formed. (Source: D&B The Sales and Marketing Institute)
The Cost of Dirty Data
Inaccurate data also has a direct impact on the bottom line of 88% of companies, with the average company losing 12% of its revenue.
According to Experian Research, the cost of bad data may be even greater than that 12% lost revenue. 28% of those who have had problems delivering email say that customer service has suffered as a result, while 21% experienced reputational damage.
86% of companies admitted that their data might be inaccurate in some way. 44% of businesses said that missing or incomplete data is the most common problem with outdated contact information (41%) being the second biggest problem.
GB Group also recently put out a survey – an astounding 95% of consumers say they would stop spending money with a company who did not maintain their data properly.
Examples of Dirty Data
Retail company found over 1m records contained home telephone number of “000000000” and addresses containing flight numbers
Insurance company found customer records with 99/99/99 in creation date field of policy
Car rental company discovered duplicate agreement numbers in their European data warehouse
Healthcare company found 9 different values in gender field
Food/Beverage retail chain found the same product was their No 1 and No 2 best sellers across their business
An international bank could not meet its customer satisfaction goals because agents in its 23 contact centers all followed different operational processes, using up to 18 different apps — many of which contained duplicate data — to serve a single customer.