According to Forbes, 27% of business leaders confess that they are unsure about the accuracy of their data. Data is the raw material of any enterprise and having access to prime-quality data is essential for future decision-making. Data alone does not suffice; it must be transformed into actionable knowledge to make use of it – which can only happen if you have easy access to your quality datasets. Fortunately, with the right tools and techniques, this puzzle can be easily solved.
From improved customer relationships to better decision-making based on accurate insights. In this article, we will examine the importance of database cleaning, the consequences of not keeping your data clean, and how taking care of your data can benefit you.
Data has become the lifeblood of modern organizations, powering almost every business process. Yet, no matter how valuable data can be to your business decisions and insights, it will quickly become useless if you don’t maintain its accuracy and integrity.
Every day, companies generate an astounding 3.5 trillion gigabytes of “dark data,” so maintaining a clean database is essential for businesses to maximize efficiency and reduce errors.
Database cleaning involves removing duplicate, outdated or inaccurate information so that only relevant data remains. Not only does this make it easier to access the right data quickly when needed, but also provides insight into areas of improvement based on current records – allowing your company to optimize processes and achieve better results in the long run!
Reducing database clutter assists your team in making better decisions based on reliable and relevant data, ultimately allowing your company to stay competitive in today’s ever-changing business landscape.
But if you don’t keep your organization’s records tidy and streamlined, there can be serious consequences. Let’s investigate what those repercussions are in greater detail.
Recent Gartner research reveals that organizations lose an average of $12.9 million annually due to poor data quality. The outcome of unstructured data can range from minor inconveniences to major losses for a company. Let’s delve deeper into each consequence.
To avoid these pitfalls, companies should make sure that they are regularly and thoroughly cleaning their datasets with appropriate tools and techniques. Doing so will enable them to maximize the value of their data and use it as a strategic asset.
In contrast with the potential losses mentioned above, regularly cleaning your databases has numerous benefits such as:
It is also worth mentioning that data cleaning finds its application, for example, when two companies merge into one or when one company buys another with a similar business profile. In such a case, there is a chance that the customer/contractor databases of the merged companies contain data of the same people/customers. In order to merge such databases into one, it is necessary to deduplicate and generate the so-called golden record, i.e. the record that best describes a given customer based on all the data we have about him.
Data cleaning is also needed when business processes in a company depend on the data, or even when the entire business is based on the data, e.g. for a courier company, quality address data is necessary to deliver on time and to the right place.
At Algolytics, we are committed to delivering top-notch services that will optimize your data quality and increase efficiency. Our Algomaps tool will benefit you with Standardization, Deduplication, Autocomplete, Geocoding and Data Enrichment so that you always get the most out of every bit of customer information by improving accuracy and streamlining processes
Our advanced solutions are backed up by experienced consultants ready to tailor-make a plan just for you. We’ll review and clean up your databases so that you have the confidence to make quality data-driven decisions quickly.
Contact us and see how quality data can leverage your business -> CONTACT US