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According to a 2013 survey by Gartner, poor data quality costs a range of companies more than $14 million each year. Since then, the relevance of sound data quality has only risen. In a more recent study, Gartner forecasts worldwide IT spending will grow to 2.4% in 2023---including marketing data programs, social advertising, and paid search. Since the cost of a data breach to businesses has increased by 10% in recent years, it's crucial to maintain proper data quality across the board.
Successful business initiatives start with trusted, quality data. It's important to find a marketing-leading solution that will enable you to accelerate business growth and key programs. Let's go through some noteworthy data quality statistics before connecting them to your company.
The annual cost of poor quality data in the US is $3.1 trillion (IBM)
Bad data accounts for losses of more than 550 hours and up to $32,000 per staff member in the Marketing and Sales departments (DiscoverOrg)
25-30% of data becomes inaccurate each year meaning less impactful campaigns (MarketingSherpa)
When averaged, it costs businesses $100 to maintain bad quality data, $10 to fix a duplication, and $1 to proactively prevent a duplicate (SiriusDecisions)
Employees waste time on mundane data quality tasks at a rate of 50% for general knowledge workers and up to 80% for data scientists (MIT Sloan)
On average, 40% of leads generated daily involve inaccurate data (Integrate)
Of surveyed companies, 16% rate their data as "very good" whereas more than 25% would rate their data as "somewhat poor" or "very poor" (Dun & Bradstreet)