According to a survey, bad data can cost businesses an annual sum of $3.1 trillion in the US alone. Your business contributes to that if you spend countless hours trying to determine the right value of your stored data.
On average, your business will waste 50% of the time to analyze and determine errors. And, then your data scientists will need to dedicate 60% of their time to organize, or clean-up said data.
Hence, incorrect data can impact your marketing, sales, and brand credibility, along with wasting valuable time.
So, how do you refrain from wasting resources and time?
You can invest in harnessing data accuracy for your B2B business. Moreover, data accuracy in data warehouse is a critical aspect that makes your business consistent and efficient.
This article will take you through every aspect involved in data accuracy!
What Is Data Accuracy?
What is the first thing that comes into your mind when you think about data accuracy? Do you think about a collection of data in the right form or content? If so, then you are right about what data accuracy stands for.
Every business will have huge databases filled with complex information requiring maintenance.
As a B2B business, your data accuracy in data warehouse will be important to target the right prospects. Jack Olsen wrote in his book,
“Form is important because it eliminates ambiguities about the content.”
It means that the stored data should have the right historical facts and be understandable by the user.
Your accumulated data in the data warehouse needs to be nothing less than perfect. It is because you will use this appropriate data in various business directions.
In its essence, data accuracy is the records that house all the error-free information. Furthermore, you can utilize this as a source of reliable data to grow your B2B businesses.
A survey by KPMG analyzed the corporate reports of the Global 250 companies in 2017. As a result, it came into the limelight that 25% requested past data restatements. Therefore, alluding to the huge requirement for obtaining data accuracy.
Your business will have accurate data only if it is true and precise. Moreover, as mentioned before, it is critical to have data accuracy in data warehouse as it will impact all your critical activities.
These will include the intelligence, budgeting, and forecasting of your business. Other than that, you will need data accuracy to offer appropriate and authentic information to the users.
The Aspects Involved In Data Accuracy
Data accuracy entails the following aspects that affect its sustainability:
- Completeness
- Timelessness
- Validity
- Accuracy
- Consistency
- Uniqueness
You need to ensure no compromise in your business’s data acquisition to generate a sustainable marketing campaign. Moreover, data accuracy ensures that there is no information missing from the data sets.
To have a robust data collection method, you need to harness data accuracy in data warehouse. It will ensure there is no repetition of your data and the correct units are mentioned.
As a B2B business, you need to have data that you base your market analysis and decisions on. It is why having data accuracy will ensure the sustainable quality of data.
So, the data you enter should have precisely accurate values and correct representation in its computerized form.
The Impact of Inaccurate Data
Inaccurate data will impact every aspect of your business demographic. It will hamper all your processes and decrease operational efficiency. Moreover, inaccurate data has become the second-largest concern for salesforce consumers.
So, what are the negative impacts?
As mentioned earlier, inaccurate data can hurt your business by wasting your money and time. Moreover, without data accuracy in data warehouse, your B2B marketing might not reap substantial ROI.
Did you know that data plays a crucial role in B2B marketing? That is why ineffective data will have an inconsistent value to your database hence reducing your ROI rates.
Data inaccuracy refers to negative data entry practices and the infusion of data decay. Furthermore, it also involves a deficiency in the data standardization processes.
Due to inaccurate data, your email marketing (the most important marketing strategy for B2B business) will be hampered. If this happens, you will see a significant decline in your user adaption rates.
So, if you have inaccurate and poor-quality data in your organization, it will have a tremendous impact. If you persistently keep your data accurate, you will generate huge ROI, enhance your reputation and retain clients.
Why Data Accuracy Matters?
Having accurate data will offer insights into your business analytics and intelligently monitor your operations. Moreover, every B2B business looks for more data, but the key is to look for data accuracy in data warehouse. You will have a huge ROI if you implement complete, precise, and reliable data.
On that note, harnessing accurate data will help your business:
- Expand to new avenues in the market
- Understanding the market data and competitors
- Efficient company processes
- Enhanced customer service
- New service/product launches
Depending on what industry your business operates in, data accuracy can be a lifesaver. So, with this, you can increase ROI, save time and money, and improve your brand image.
Furthermore, utilizing data accuracy in data warehouse will help you stay up-to-date with all the post-pandemic trends in B2B marketing.
Data accuracy can cultivate the following positive avenues in your B2B business:
- Resilience
- Effectiveness
- Integrity
- Quality
Without the proper governance of your acquired data, there is no guarantee of success in the industry.
Salesforce stated that the quality of your data affects your entire organization. Therefore, the improvement and regulation of this metric should be an internal effort. So, you can train your employees on the importance of accurate data to generate positive growth in your B2B sales cycle.
Ensuring Accurate Data In Your Business
Instead of hiring a data analyst, you can take some steps to improve your organization’s data accuracy. Take a look at them and determine which step would work best for you, depending on your industry:
Audits
Conducting an internal audit on the issues that affect your data quality will help you generate a solution. Moreover, you will uncover data inaccuracies like duplicates, incomplete data, and even multiple storage issues.
When you find these problems, you can gather professionals to deal with the data issues.
Fact: Most of this redundant or incomplete data would be historical events that became obsolete years ago!
Impact
You can have numerous leads every week, but barely a handful turn into prospects. Data accuracy plays a crucial role in understanding usable business leads.
It will help in curbing the marketing cost and retain your revenue. So, if only 3 of your 100 leads are usable, you can refrain from sending marketing campaigns to all of them.
Fact: Data accuracy helps in measuring the estimated impact on your business!
Automation
You may need automated match solutions for duplicate and inaccurate data. Hence, using AI-powered software will ensure that there are no discrepancies in your data accuracy. This way, you can keep the values in your data clean, standardized, and free from dupes.
Automated software will consolidate all your data and match it with the record to find problems. Moreover, this can even be cost-effective due to the huge availability of such software in the market.
Fact: You will have real-time results with almost 95% accuracy!
Assessments
Fixing data accuracy from its source will require human resources if done manually. So, you need to evaluate the duration and cost of all the assessment requirements.
Moreover, determining this will also help you understand the need for a faster solution. Verifying a 2,000-row data set can take up to two months. Consequently, cleaning it and making it accurate will need more time.
Hence, based on the assessment results, you can choose an automated software as mentioned above.
Fact: Using manual assessment solutions can lead to more discrepancies in the database.
These simple steps will help you enhance your B2B business by harnessing the innovative aspects of data accuracy. This way, you can handle all the essential operations in your business effectively!
Summing Up
As you can see, implementing data accuracy will generate revenue and enhance your brand visibility. If there is no data accuracy in data warehouse, your business will waste time and money on inefficient campaigns. Moreover, you will be saving up on analytical revenues to make your data accurate.
Having bad data will eat up 30% of your company’s revenue and leave you with an ineffective B2B strategy. In addition, data accuracy is a crucial factor to consider if you want to retain your clients and expand your reach.
So, by implementing the tips talked about in this article, you can have an enhanced data accuracy in your database. Validate a thorough data accuracy audit, assessment, and automation to generate huge ROI!