Bad Data is an epidemic. Pragmatic Works is on a mission to stop bad data with Legitest. We’ve collected some staggering numbers to exhibit how bad data effects your business.
1. First, the amount of data created every day is estimated at 2.5 quintillion bytes! It’s inevitable that bad data can creep into your organization’s data. Corporate data grows 40% per year. A study by SiruisDecisions found “the amount of data in organizations typically doubles every 12-18 months.” This can be like “an attic filled with contents that over time have not been properly labeled, managed and maintained.”
2. Companies are spending massive amounts of money collecting data from different sources. The Harvard Business Review found that 18% of businesses connect to over 15 data sources and 9% have no idea how many sources they are currently pulling data from.
3. With all this data coming in, only 8% of businesses are utilizing more than 25% of the IOT information at their disposal. And 10-25% of B2B marketing databases contain critical errors. But businesses aren’t investing in tools and resources to ensure the accuracy of their data.
So, what is bad data costing organizations?
1. According to Gartner, poor data quality costs organizations an average of $13.3M per year. Although, 39% don’t know what bad data quality is costing them, as no one was tracking the impact.
2. Businesses spend a lot of time creating business objectives to push their company forward. But 40% will fail to achieve those objectives due to poor data quality.
3. Data quality effects overall labor productivity by as much as 20%, and 20-30% of operational expenses are directly related to bad data.
4. Lastly, an astounding 77% of companies believe they lost revenue because of inaccurate/incomplete contact data.
Pragmatic Works created LegiTest to fix this epidemic. Businesses run on data – but data quality is imperative to take advantage of all that data can do for your business. Legitest is a technology that easily automates testing of your data driven functions. It’s a simple, scalable, flexible solution that allows you to gain data confidence. Companies with good data practices could realize a 70% increase in revenue. Now that’s a number you can live with. Visit LegiTest.com and join us on our mission to Stop Bad Data.