94% of the organizations surveyed in 2009 reported that they have missed on a potential revenue due to poor data quality. This finding tallies with the fact that on an average 10 percent of business decay in a year.
Only seven per cent of organizations have full scale details on customers. Such large scale data monitoring is possible only through large investment that runs to millions. Most often, the key barrier for businesses is the lack of resources and time. Furthermore, data segregation and data intelligence is getting more complex with growing diversity in customer traits and preferences.
On examining the fault lines in biz data, it's found that 82% of wrong data happens mostly at the data entry point. Apart from that, the next culprit is the data churn lowering data decays at a steady rate - 10% a year.
Best way to confront data issues is by placing a dedicated data strategy. Such a system can regularly track data by testing and adding new fields to the current customer data.
No comments:
Post a Comment