By 2025, the IDC estimates the world’s datasphere will grow to be 175 Zettabytes (ZB). That’s a 530% increase expected, from 33 ZB in 2018! With such a massive boom comes the unfortunate reality that dirty data affects all teams, all departments, all businesses.
Dirty data is defined as inaccurate, incomplete or inconsistent data, especially in a computer system or database. It runs rampant in company databases, causing negative impacts to the bottom line. According to SirusDecisions, when teams have strong data quality practices, they can boost revenue by approximately 66%.
The following are 7 dirty data statistics that will have you double-checking your data strategy:
1. Bad data costs the U.S. over $3 Trillion each year
Source: Harvard Business Review
2. At least 50% of your prospects are NOT a good fit for what you sell
3. Approximately 40% of leads contain bad data
4. Lack of data accessibility can lengthen the sales cycle by 8–14% on average
Source: Nucleus Research
5. B2B markets can see customer data decay between 30-70% each year
7. Studies show 57% of businesses find out about dirty data when it’s reported by customers or prospects