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information, inappropriate data (for example, data entered in the wrong field), non-conforming data, duplicate data, out-of-date data and poor entry (misspellings, typos, variations in spellings, abbreviations, etc).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 causes lost time spent chasing customers and misinformed decision making. It also has a financial impact on your business. Research by Royal Mail Data Services revealed that organisations believe inaccurate customer data costs them, on average, 6% of their annual revenues.