THE BAD, POOR, UGLY DATA AND HOW COSTLY IS IT TO A COMPANY?

The more you put in the more you get from your data!

I am just going to say it in simply as I can possibly say this, you get what you pay for  OR you only get what you put in  OR you get what you get, and you don’t get upset. In taking the time to understand the importance of data in the last couple of bogs we need to also understand how significant data is to us and marketer without a doubt and to our clients. In just a simple google search number just blaring at me through the SEO, things like IBM estimates another $3 trillion of per year lost because of poor date in US alone. Another one an average financial impact of poor date quality on organization is estimate at $9.7 million per year.

The information crises is for real and it is happened everywhere from travel, to financial to even the data that countries supply about their carbon admissions. Countries like Malaysia and other neighboring countries have no processes or way to tack climate change properly so much so that a surprise came that the last five years have been the worst reporting ever. There are gaps and whole in all the date as high as 13.3 billion ton a year of underreported emissions.  Some companies can say that as high as 80% believe they have lost a significate about of review because of inaccurate data. 

Couple things we can do to help our clients and other organizations. There is a method that Is quite easy to follow in research other methods which is Accuracy + Completeness + Timelines + Cross System Consistency. 

• Accuracy: this right amount of information that is cross check on the right entity or the “why”.
• Completeness when the information gives meaning to the attributes of the company and answers the why.
• Timeliness most up to date information and that is current and relevant to support the why.

Cross-System Consistency no conflicting sources and or data within the organization.

Understanding how detailed and how many components go into data collection and analyzation it is not surprising there are so many issues. The more acute companies can get to gear their marketing and research dollars to these areas the better the outcome. Like w said you either spend which equals quality or go the inexpensive rout and poor quality. 

Thank you and let’s get Creative!