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information, inappropriate data (for example, data entered in the wrong field), non-conforming data, duplicate data, out-of-date data and poor entry (misspellings, typos, variations in spellings, abbreviations, etc).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.