The hype around data is hardly news. It is a critical part of a business and rightly so. It is the ultimate competitive differentiator and referred to as the new oil of the world that of course, can’t be used raw and needs to undergo various processes of refinement such as data scrubbing, cleansing, and modification.
Poor quality data remains the major challenge, and as per the Data Quality Market Survey, 2017 report by Gartner, poor data costs businesses approximately $15 million yearly. However, it is not a direct financial loss but several indirect and discrete impacts on business processes causing the dent on the business value such as loss in reputation. A higher-risk decision due to poor quality of data and missed opportunities- hitting the businesses where it hurts most. Poor data not only means financial impact but also results in an overall lack of brand value. It is the Achilles’ heel that makes even the massive organizations crumbling down to their knees.
Eighty-four percent of CEOs are concerned that the data they are basing their decisions on might not be at par. Pitney Bowes in “The Data Differentiator: How Improving Data Quality Improves Business” explains that a company might be basing its decisions on poor data due to the volume of legacy data, silos within departments and difficulty in acquiring buy-ins from the executives. However, we also have companies and innovators like Amazon and Airbnb that are solely operating on the sheer power of good data. Which lets them know about their customers, needs, preferences, and challenges they face.
It also means a data deluge due to the massive cloud, mobile, and IoT data. As the companies assess data management infrastructure and want to make the most of big data. It is the mess that the bad data is creating and the most exhausting part they are dealing with. While companies have to deal with CRM data decaying at a rate of more than 30 percent, little do they know that CRM cleaning and scrubbing can boost their sales, reputation, and revenues!
Why do businesses need data scrubbing?
Successful data-driven organizations have a competitive advantage over the messy ones. Poor data is the culprit that doesn’t let businesses reach up to their true potential and reduces them to a dog chasing its tail.
- More than twenty percent of revenue is lost because of bad quality data.
- Over forty percent of companies are dealing with messy data plaguing their systems across BI, marketing and CRM and eventually hampering their growth.
- Only sixteen percent of businesses acknowledge that their data is accurate and secure.
When data isn’t clean and is used for Business Intelligence and analytics. It is like mixing Nitrogen and Hydrogen with ignitable liquids. It is just a ticking time bomb waiting to corrode and combust. A business process running on low-quality data puts an entire business at stake. It is a domino effect that results in poor insights and poor results. That can be fatal and irreversible for a business.
Neil Patel explains how every organization has created a mountain of data that is difficult to navigate through. In a rush to achieve this information overload, businesses forget to pay attention to the origin of data.
People change jobs, locations, e-mail IDs, phone numbers and job functions. When the information isn’t synced with the database, it results in bad data. Often businesses utilize a third-party database, which leads to duplication of incorrect data, flooding the system with wrong, outdated and incomplete data.
A lead generation company wastes 546 working hours of a sales rep every year due to bad data.
What is data scrubbing?
Data scrubbing is akin to a system cleanse, a detox that every business is in dire need of and should opt for. It is the most exhaustive and complex part of a business process- like a body system used to junk food resisting to the greens and liquid diet. But it is also very important.
Often confused with data cleaning, it is a process of eliminating incomplete, incorrect, inaccurate, out-of-date, duplicate and inconsistent data.
To keep your data spotless- the backbone of your business- implement Data scrubbing. It ensures stronger campaigns, increased quality leads and competitive advantage for a business along with stronger and more targeted marketing campaigns, enhanced customer satisfaction and higher ROI.
Data scrubbing services include
Data scrubbing services are semi-automated, automated and manual. The data can be customized following a business’ specific needs and challenges. The expert and seasoned data engineers work through the vast sets of data in the following phases:
Rectification of records:
An up-to-date customer database is the key priority of data scrubbing. Data scrubbing implement a range of tools, techniques, and methods to identify incomplete and inaccurate customer records and take appropriate action. It ensures proper communication with a targeted group of customers.
