Avoid Lost Revenue and Bad Data Practices

A study conducted by IBM in 2016 found that bad data is leaching an astounding $3.1 trillion annually from the American economy. These losses arise from lower productivity, outages, and maintenance costs. The study demonstrates that good data sets are a rarity around the world. For businesses in Toronto looking for a list of physicians in Ontario for B2B sales, the most critical consideration is finding quality data sets.

Other studies have found the main reason for low data reliance is that it typically is not analyzed to make it usable. This study estimates that if data accessibility were increased by just 10%, it would result in millions of dollars of generated income.

For companies looking for data lists of physicians in Ontario, or a Toronto Medical directory, finding accurate and up-to-date data can be a challenge. Doctors move around frequently at the beginning of their careers, and many directories are incomplete.

Determining Responsibility

Many businesses are still operating on very outmoded organizational structures, and the truth is that nobody has been appointed as “in charge” or data management. 41% of leaders said that no one is accountable for data management, nor was there any room in their budget to make this a priority.

As we know from psychology, coaching, and good leadership practices, it is only what we pay attention to that grows. With no eyes monitoring that the data is up-to-date and accurate, then, of course, it is not going to change all on its own.

These poor data sets are likely causing higher losses to your business that are higher than expected. Here are some ways in which bad data negatively impacts businesses and why these bad business practices continue to persist.

Ruined Productivity

Some studies estimate that bad data results in over 500 hours of wasted time annually for sales and marketing departments. This is because employees will spend time working with false information, incomplete information, or information that is altogether irrelevant. These kinds of errors are a waste of time and completely avoidable.

Uninformed Decision-Making

With bad data, you get inaccurate results. Too much time can be spent chasing a lead in the wrong direction, or adapting your company strategy only to find out that your reasoning was based on faulty information.

Undermines Employee Success

How much time are your employees on emails sent to out-of-date or decayed addresses? And if they have adapted to see that the data is inaccurate, how much time are they now supposed to spend verifying data ahead of time? Way too much time is the answer to both of these questions, and your employees know it. Continuing to provide your employees with faulty tools to do their jobs effectively is bad for morale.

Data scientists spend their time updating and resolving bad data available through trustworthy data management companies so that users do not need to worry. Give your business its best chance by working with a Toronto Medical Directory with accurate and up-to-date lists of physicians and doctors in Ontario from MD Select.