How Bad Data Negatively Impacts Business
Nothing is more important than working with accurate and up-to-date information in the business world. Today, this is complicated with the digitization of information. Working with bad data is still just as bad for businesses. Still, fewer and fewer B2B companies recognize the importance of being vigilant with the accuracy of the data they are working with.
For those searching for an accurate and up-to-date Manitoba doctors directory, it might be worth looking into the source of your data. A study conducted by IBM in 2016 found that bad data is leaching an astounding $3.1 trillion annually from the American economy.
Neglecting to validate the source of your directory data is bad for business. Most do not realize the impact that bad data can have on b-to-b companies, so here are some of how bad data is bringing down your business.
Wasted Time and Energy
Some studies estimate that relying on 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, incomplete, or irrelevant information which may be on out dated Manitoba Medical Directory. These kinds of errors are a waste of time and completely avoidable.
Poor Decision Making
With bad data inputs, you get inaccurate outputs. 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.
You cannot adequately prepare for client meetings with marketing and sales if your data is out of date. This kind of blunder can lead you to make an ineffective pitch, or worse, offend clients. Lacking Business Intelligence in your field, whether for a Manitoba Physicians and Surgeons Directory or otherwise, will leave you no better off than someone coming off the street to do your job.
What is just as bad is the strategic missteps that can arise at the company level. When receiving late or inaccurate data, business leaders simply cannot effectively steer the organization towards success.
Lost in Translation
Data that is not understandable, let alone inaccurate, cannot lead to effective or appropriate responses. Data that has not been translated keeps business owners from ever seeing the big picture of their business or the larger context and corporate climate. You want a Manitoba doctor’s directory that is up-to-date and well researched.
One study found that less than 0.5% of data is ever analyzed to the point where it is useful. This means that 99.5% of data is simply living on servers, unused. The same study found that data usage increased to 10%, generating tens of millions in further income.
Fortunately, data scientists update, analyze, and resolve bad data. These services are available through trustworthy data management companies like MD Select so that users do not need to worry.