Did you know that poor data quality is responsible for an average $12.9 million in losses for organizations on an annual basis?
If that’s not convincing enough for you, bad data management costs U.S. businesses a whopping $3 trillion, every year!
That is not just a hefty price tag, but a stark reminder of how outdated data and disorganized data handling in your environment can drag your business down. Imagine the clarity in your business if you had cleaned out the junk and your databases were fresh and accurate. With the New Year just around the corner, there is no better time to tidy up your database closets with expert data cleansing services and set yourself for success, going into the months ahead.
Why Data Cleaning Matters?
Your database is akin to your wardrobe closet. Over time, it accumulates data that have grown to be irrelevant and a few that still serve a purpose. However, holding onto the duplicate or outdated data does more harm than good:
- Irrelevant Data Costs: As mentioned above, poor data quality costs organizations losses amounting to millions, which leads to lost revenue and minimizes efficiency.
- Better Customer Experience: Having clean data helps your marketing and customer service teams to deliver enhanced and relevant interactions.
- Lost Opportunities: A significant issue with holding dirty data is that it can come between providing accurate and valuable insights, leading to poor decision-making.
- Compliance Risks: With regulations like GDPR and CCPA getting stricter by the day, it requires organizations to maintain accurate and up-to-date records. Non-compliance can attract penalties.
Periodically cleaning and managing your data is the way forward. It can then impart streamlined workflows, accurate insights and improved client experience.
What Are the Best Practices for Effective Data Management?
- Data Audit: The very first step would be to start identifying outdated, duplicate, or irrelevant data. Utilize data profiling tools to analyze your database’s current state and identify discrepancies.
- Standardize Formats: Make sure your data follows a regularized format. Use consistent names and file formats throughout. The date formats should follow the same pattern, and names should be properly capitalized.
- Data Integration: Eliminate duplicates right from the get go, to avoid redundancy. There are CRM tools that have built-in functionalities to identify and remove/merge duplicate records.
- Affirm Accuracy: Ensure the credibility of the data by cross-checking with trusted sources. For example, verify user addresses with postal services to avoid delivering to the wrong address.
- Establish Data Guidelines: Put into place clear guidelines on data management—how data should be entered, stored, and handled. Also, impart training to your team on the process and the importance of sticking to the guidelines.
- Utilize Modern Tech: Leverage advanced technology such as automation tools to flag errors, remove irrelevant entries, and maintain data hygiene regularly.
- Back Up: Before going forward with data purging, make sure to create a backup for all the data. This ensures you don’t delete something valuable by mistake.
Data Management: Transcending Data Cleaning & Building a Healthy Data Culture
Cleaning your data is not just a redundant process, it is also a first step towards setting up a cultural shift within your organization. Promote a culture where your teams adopt best practices for data entry and management. Conducting periodic training sessions and availability of advanced tools can make all the difference.
Why Partner with MOS for Data Cleaning?
Data management is not a simple process. It requires a committed team, the right skill set and knowledge to do the grunt work in cleaning and organizing your data. Managed Outsource Solutions (MOS) is one of the leading outsourcing companies with decades of experience in delivering IT solutions, including data cleansing service.
With the capability of scaling our resources to meet your requirements, we can handle data—regardless of its size. Our expert team ensures every record is accurate, up-to date and is in adherence with the latest data regulations. Save time and money, while we handle your data clutter!
