Managers, CEOs, and tech insiders all agree that we live in the era of big data. Whether you’re working in healthcare, financial services or manufacturing, chances are that many of your key operational processes depend on insights derived from your corporate database. Indeed, The International Data Corporation predicts investment in data analytics will have grown to a staggering $203 billion by 2020.
But while our ability to collect and compile data has grown exponentially, each corporate company database may offer very little actual value to the organizations that administer them. On average, up to 20% of the information contained within a corporate database is unsuitable for use. This so-called “dirty” data has real financial impact on your business. According to Sirius Decisions, just one bad record could cost you as much as $100.
Think about it, when your sales or support teams attempt to reach out to clients, how much time will they waste on correcting inaccurate, incomplete or redundant data? Apart from these inefficiencies, a poorly managed corporate company database will also be difficult to mine for analytics purposes. The end result is poorer customer service and less effective decision making. With that in mind, here are some critical steps that will help you clean and maintain your corporate business database.
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