$3 Trillion Question
The Harvard Business Review concluded that 1 in 5 companies use at least 15 different systems to run their business processes.
Imagine the effort to keep business partner addresses aligned. Imagine the impact on strategic reporting when data gets out of sync.
Imagine the risk you take when you have no tool to manage data quality.
As the volume of data within your company is growing at a faster pace, the cost of bad data accelerates. Gartner’s conservative estimations tells us that on average a company wastes $13 million annually. When you add this all up, it amounts to a staggering $3 trillion worldwide.
The main issue is that these costs are mostly invisible and therefore largely ignored.
Exposing your vulnerability is essential to awake awareness.
When asked, 3 out of 4 interviewed believed their company wastes money due to bad data interfering with their business processes.
If so many have this worry, but decide not to take action, there is an opportunity for you to get a competitive advantage.
Remember the last time you moved house. How many companies struggled to handle this without mishaps?
Were any letters with your sensitive data posted to the wrong address? Do you still receive correspondence from previous occupants, years after you moved in? Does mail get dropped through your letterbox for people who never lived at your place?
When these events happened to you, did you give bad press through word of mouth? This remains mostly untraceable while it has a big impact. The company in question has no ability prevent or repair the damage done.
What if your company is affected?
How do you know?
Badly managing a simple change of address can damage your brand and could make your loyal clients and suppliers decide to switch to your competitor.
Money gets wasted when it can be easily avoided.
Purify Your Data
When your system is polluted with bad data
then the only logical choice is to clean it up
and make the effort to stay clean afterwards.
Any duplicates within a single system
need to be identified and merged.
When only one winner needs to survive
then the losers need to be quarantined and archived.
When your company uses many different systems to run your business,
then you need to verify the crossover and find which business partners are missing in which system.
Next challenge is to ensure that the data remains clean in all systems
and avoid you need to cleanse it again in the future.
Then reap the reward to take your business to the next level
and take full advantage of the new technologies that gives you a competitive edge.