Data plays an important role in any business, allowing businesses to improve targeting, optimize internal operations, and successfully drive innovation. As businesses look to adopt the latest technologies, the accuracy, and quality of data become important for business growth. Poor data quality negatively impacts business creating both long and short-term issues which impact your ROI.
So, what is the Cost of Poor Data Quality?
According to research by Gartner poor data quality costs businesses an average of $9.7mil per year, making errors extremely costly for business. Not only does poor data impact your financial resources, it also negatively impacts your efficiency, productivity, and credibility.
One of the biggest headaches poor data quality creates is having to fix the errors. If an error is created early within the data collection process, it can easily snowball, taking more time to fix these errors. Additional hours are now being put into accommodating and validating errors rather than utilizing data to create innovative business strategies.
Poor data isn’t sufficient enough to identify key marketing trends making it easier to miss critical opportunities for products or services. This, in turn, can give your competitors an advantage to increase their sales. A study from Experian states that 77% of companies believe that their bottom line is affected by poor data.
Additionally, errors and bad data can easily leave a bad impression on both customers and clients. Inaccuracy lowers credibility, increases risk, and failure of compliance management. For example, consequences of poor data quality in healthcare can lead to poor treatment decisions that can harm the recovery of a patient.
Taking the necessary steps to enhance the quality of data promotes the overall growth of a business.
ARDEM’s Solution for High Accuracy and Quality of Data
Outsourcing is a great way to cut costs, improve quality, and productivity for businesses.
In a previous blog post, we talk about how businesses can choose the best data entry company for quality services. ARDEM has built in double key data entry with compare quality checks and multiple validation routines to ensure the highest quality of data. Human error is an inevitability which is why we take our expertise, industry knowledge, and modern technologies to create the best procedure to catch and eliminate errors.
We build customized data solutions based on your outsourcing needs to ensure the shortest turnaround without cutting out accuracy and quality. All of our data is secured with data security addressed at multiple levels along with utilizing VPNs, SSLs, and PGP encryptions.
Our goal is to increase your efficiency in your everyday processes. Which is why we offer a multitude of outsourcing services to ensure that success is delivered!
Contact ARDEM today to find out how we can increase accuracy, quality, and ROI by reducing errors and operating costs!