Data is the goldrush of the digital age, but it's not always shiny and precious. It's often full of errors and missing pieces, leading to serious problems like flawed business decisions or missing opportunities for growth. A recent survey conducted by Monte Carlo, a data observability platform, revealed just how common and costly data quality issues can be.
The survey asked over 500 data professionals - including data engineers, analysts, and scientists - about their experiences with data quality problems. The results were clear: a whopping 84% of respondents had encountered issues within the past year. The top three problems were inaccurate data (44%), missing data (33%), and duplicate data (23%), which can all lead to incorrect insights and decisions that result in financial losses and a damaged reputation.
So, how much do these data quality problems cost companies? On average, the survey found they cost $5.9 million per year, with a third of respondents estimating costs between $10 million to $100 million. Ouch. And that's not all – 26% of respondents reported losing customers and 21% reported reputational damage because of data quality issues.
The costs of data quality problems can be broken down into two categories: direct costs and indirect costs. Direct costs include the cost of cleaning and remediation, while indirect costs include lost productivity, missed opportunities, and decreased customer satisfaction. Not surprisingly, 69% of respondents reported that indirect costs were higher than direct costs.
However, there’s hope for companies that prioritize data quality. The survey also found that companies with higher data observability - in other words, the ability to detect and resolve data quality problems quickly - reported lower costs and higher confidence in their data-driven decisions.
So, what's the takeaway? Investing in data quality is crucial for companies that want to avoid financial losses and damaged reputation. The survey highlights the need for companies to prioritize data quality by investing in data observability and ensuring data is accurate, complete, and consistent. By doing so, companies can avoid the financial losses and damaged reputation associated with data quality problems and make more informed and successful business decisions.
Investing in data quality means starting with the data you capture. A live-time, first-party data capture engine like Celebrus delivers continuous, accurate, reliable data to inform strategic decisions, personalize experiences, and drive meaningful results. Celebrus offers a powerful solution to solve data quality issues and unlock the full potential of your customer data.
Here are some of the many ways Celebrus resolves data quality issues:
1. Comprehensive Data Collection
Celebrus enables businesses to capture and collect consumer data from a wide range of sources, including websites, mobile apps, and offline channels. This means businesses can create a complete and unified view of their customers, including their behaviors, preferences, and interests.
2. Live-Time Data Processing
Celebrus processes consumer data in live-time, allowing businesses to capture and use customer insights as they happen. This ensures businesses have the most up-to-date and accurate information to make informed decisions and personalize experiences in real-time, while the consumer is still active on the site, app, or in the store.
3. Accurate Customer Profiles
Celebrus creates accurate and detailed customer profiles with comprehensive identity resolution to provide businesses with a deep understanding of their customers. These profiles include demographic information, browsing behavior, purchase history, and more. With this information, businesses can create targeted marketing campaigns and personalized experiences that resonate with their audience.
4. Data Quality Checks
Celebrus performs data quality checks to ensure customer data is accurate and reliable. It identifies and eliminates duplicate, incomplete, and erroneous data, ensuring the data used for analysis and decision-making is of the highest quality.
5. GDPR and CCPA Compliance
Celebrus is fully compliant with GDPR and CCPA regulations, enabling businesses to collect, store, and process customer data in a secure and responsible manner. This helps build trust with consumers and demonstrates the business takes data privacy seriously.
Data quality is essential for modern marketing, and Celebrus provides a powerful solution to solve data quality issues. Its comprehensive data collection, live-time data processing, robust identity profiles, data quality checks, and GDPR and CCPA compliance make it an ideal solution for businesses that want to unlock the full potential of their customer data. With Celebrus, businesses can make informed decisions, personalize experiences, and drive meaningful results. Who knows, maybe they'll strike gold after all.