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Data is the common currency that should support personalized customer engagement, informed decision-making, and strategic and operational planning. Poor data quality stops everything by destroying trust in the accuracy of the data.
High quality data that is cleaned, consolidated, sorted, and available to be distributed across the organization for use in applications and dashboards restores trust and amplifies productivity. With a data management partner like Infoverity, companies can invigorate data quality processes, creating an accurate, single source of truth, leading to lowered costs, improved compliance, and a better customer experience — all of which contribute to increased revenue generation.
Companies suffering from poor data quality lack understanding of their customers. They have to guess about customer desires and future market trends. With trusted data, companies can accurately analyze customer behaviors, enabling them to meet current needs and anticipate changes in preferences over time.
Poor data quality also results in lower customer satisfaction. Customers experience fractured interactions across platforms. With quality data and data management strategies, companies can streamline data across channels to provide consistent customer support, leading to happier customers and improved brand loyalty.
Poor data quality creates compliance risk. Bad data spreads across enterprise systems, leaving organizations at risk of making inaccurate statements to regulators. Improved data quality ensures businesses are aligned with data protection laws in every location, safeguarding themselves and their customers.
Poor data quality costs companies time, money, and resources. Employees waste time trying to find, clean, and put to use low quality data. It also hinders analysts from doing their jobs effectively, as they cannot rely on data to inform decision-making, or assess market trends and customer behaviors.
According to research from McKinsey, IBM, and Aberdeen Group, organizations that effectively use data and analytics to inform their decision-making are twice as likely to be in the top quartile of financial performance within their industry.
According to McKinsey, firms with high data quality can waste between 5-6x less total employee time on non-value added tasks.
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