The Cost of Bad Data - Infographic

24 h THE COST OF BAD (AND CLEAN) DATA BAD DATA IS: DI0I 11ו1 Missing Duplicate data Inaccurate Outdated information information data THE COST OF A CRM RECORD $100 $100 $80 $60 $40 $1 $10 $20 $0 Prevent Correct Do Nothing DEFINING $100 PER BAD RECORD The $100 per bad record is attributed to impacts such as: Printing and mailing to bad addresses Emailing to wrong addresses • Losing disgruntled customers Taking up extra server space with duplicate records Sales conflict over the same leads Inability to track lead source Incorrect marketing segmentation and personalization Unnecessary marketing automation & CRM costs for duplicate records and much, much more. COST OF BAD DATA On average, corporate data grows at 40% per year. 3 Approximately 20% of the average database is dirty." 2015 20,000 80,000 2016 28,000 112,000 2017 39,200 1,56,000 Number of Bad Records Number of Clean Records Keeping the $100 per dirty record in mind, and using a 100,000-record database, here is the astronomical cost of bad data over three years. 2015 $2,000,000 Cost of Bad Records $2,800,000 2016 2017 $3,920,000 THE COST OF CLEAN DATA Cleaning your data will have a cost of $10 per record upfront, and keeping it clean is $1 per record. While your database continues to grow 40% YoY, your database size goes down with the cleaning (merging duplicates, archiving inaccurate data, etc.). Therefore, if you remove 20,000 of 100,000 records in the first year, then you're at 80,000 records. With 40% growth in 2015, you're at 112,000, and so on. 2015 100,000 Number of Records 2016 112,000 2017 275,000 2015 20,000 Number of Bad Records 2016 | 0 2017 0 2015 $200,000 Cost of Full Cleaning 2016| $0 (possible cost) 2017 $0 (possible cost) 2015 (covered above) Cost of Preventing Bad Records 2016 $10,000 2017 $15,000 THE COST SAVINGS There is a tremendous cost savings by cleaning your data and keeping your data clean for the long term. Instead of losing $2 million in 2015, you're spending 10% of that. In 2016, instead of spending $2.8 million, you're spending.3%. 2015 2016 2017 2015 2016 2017 2015 2016 2017 Cost of Cleaning Bad Records Cost of Bad Records Annual SAVINGS 3 YEARS TОTAL SAVINGS MAKING MONEY WITH CLEAN DATA A strong organization can generate up to 70%1 more revenue than an average organization purely based on the quality of its data. The average SMB has $35 million revenue.? Let's calculate your new revenue with clean data. $24,500,000 $1,800,000 Savings from 1 year of clean data $35,000,000 70% more revenue from clean data + Annual Revenue $61,300,000 New Annual Revenue ARingLead SOURCES: Clean, protect and enhance your data. 1 Sirius Decisions - The Impact of Bad Data on Demand Creation 2 Small Business Association 2013 Census 3 Ebiz - Integration on the Edge: Data Explosion & Next-Gen Integration $200,000 $10,000 $15,000 II 000'000$ $2,800,000 $3,920,000 000'008 $2,790,000 $3,905,000 $8,495,000 all 000