Data is the engine that propels your sales towards revenue and success. But what happens when your reps are working with poor quality data?
According to Zoominfo, poor quality data can translate into over 500 wasted hours per year, per sales rep. Moreover, 62% of businesses rely on data that is either incomplete or inaccurate—and this directly impacts their bottom line.
This article explores the three most common effects that poor quality data can have on sales, as well as methods to avoid them.
Incomplete or inaccurate data can:
- Put a toll on your decision-making process
- Lead to lost revenue
- Translate into legal compliance and liability risk
Bad Data ⇒ Bad Decisions
Since data fuels new projects and initiatives, an inconsistent database can push your business into developing new products or services that your customer base is not interested in.
On the other hand, accurate data which represents reality, fuels fact-based decision-making that results in high-value outcomes.
Negative Financial Outcomes
Bad decisions are not the only outcomes of poor quality data. This issue can lead to financial consequences, such as lost revenue, extra expenses, and missed business growth.
According to IBM, poor quality data is responsible for US businesses losing up to $3.1 trillion every year. It also affects employee productivity and can even damage your company’s reputation.
More Unnecessary Expenses
False data can ultimately result in regulatory fines and legal fees, especially for businesses activating in the finance industry.
With recent, more strict data regulations world-wide, not solving your data-quality issues can trigger unpleasant legal aftereffects.
Methods to Improve Data Quality
The good news is that having an incomplete or substandard database can be fixed by:
- Standardizing data entry
- Finding a better, more reliable method to collect data
- Avoiding and eliminating duplicate entries
What do you think about the effects that poor quality data can have on businesses?
If bad data is one of your concerns, you might be happy to learn that Infotelligent’s “Sales Intelligence” SaaS platform will equip you with accurate contact information about your ideal customers and buying intent insights to help you grow your sales faster.
You can use our platform to extract thorough and precise data on your target customers while also reducing your sales cycles, boosting your win rates, and increasing your sales.
Are you a CRO, VP of Sales, or a VP of Marketing? Take a look below to see how you can identify your target buyers in real time when they show an intent to buy.
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