The ROI of Data
Business leaders have to constantly be aware of their expenses. Whether it’s to keep their Board happy or just keep the doors open, C-level executives need to be able to show a positive ROI on nearly every aspect of their business. One area where some executives are tempted to cut corners is when it comes to data quality. Many figure that since they already have a BI tool, they really shouldn’t need to invest in a data quality solution.
Bad Data is Expensive
While it might be difficult to put an exact number on how much businesses increase revenue or save on expenditures due to have a data quality solution, the Harvard Business Review provides us with a pretty shocking number about how much bad data costs. HBR cites an IBM estimate that suggests bad data cost American businesses $3.1 trillion dollars in 2016 alone. As consumers and businesses accumulate more and more data annually, the chances for data to become even more invalid and inaccurate, and thus more time consuming and costly for businesses is sure to increase even further.
Clean Data’s Important Benefits
What isn’t as easily calculated is the costs saved by having a data quality solution - time employees don’t have to spend finding, addressing, and correcting data issues. Plus, there’s also the added benefit of basing business decisions on accurate data, a process that few companies can say with unqualified certainty that they’re doing at the present time.
What does this mean for your business? If you ask us, it means that you can save far more money by adopting a data quality solution and process than you can by going without one. To get you started, you can check our free eBook on adopting a data quality process for your business. Or, check out a demo and start your free trial or our data quality tool for yourself.