Bad Data
In simple terms, bad data is an inaccurate set of information.
Bad data includes missing data, wrong information, inappropriate data (for example, data entered in the wrong field), non-conforming data, duplicate data, out-of-date data and poor entry (misspellings, typos, variations in spellings, abbreviations, etc).
Research shows that on average consumer data degrades by around 15-20% ,and business data by 30-40% every year. How does this happen? Simple, people shift companies, get new contact numbers, or retire, just to name a few. Companies will also have on average 20-40% duplicate customer profiles or records.
Bad address data is unhelpful as it creates issues delivering products, services and communications to your customers. It also has a financial impact for your business. According to IBM, poor data quality costs the U.S. economy approximately $3.1 trillion annually. Other research shows that smaller companies lose 6% of their revenue each year due to poor-quality data.
