What is EDQ

Easy Data Quality is a Software as a Service provider for Data Quality and Data analysis needs. Before we dive into what makes us different we must understand why this issue exists and how to identify the issue of data quality.

Why is data quality an issue?

"An oft-cited estimate by IBM calculated that the annual cost of data quality issues in the U.S. amounted to $3.1 trillion in 2016. In an article he wrote for the MIT Sloan Management Review in 2017, data quality consultant Thomas Redman estimated that correcting data errors and dealing with the business problems caused by bad data costs companies 15% to 25% of their annual revenue on average." - Tech Target

The quality of data is not the most glorious topic but a very important measurement of how well all consuming applications/reports will perform. From the above quote taken in 2016 it is safe to say that this problem has only been increasing. Bad data sabotages many aspects of companies which aren’t clear until you lay it out. The following article shows 5 good examples of how there are hidden sabotages of poor data: Validity `Top 5 Ways Poor Data Quality is Sabotaging Business in 2022

1. It wastes your team's time

If a sales representative must process N records per day before handing it off to accounting. And 15% of those N records won’t process correctly with poor data there must be manual intervention of the sales rep to fix prior to passing to accounting. The amount of effort can vary per fix but on average they will be 15% less productive because of poor data.

2. It costs you money

"44% of respondents say they lose over 10% in annual revenue due to low-quality CRM data." - Validity CRM Data Health Report

Low-quality CRM data can have many trickle down effects that aren't directly apparent. Contact information of a lead being incorrect may cause a lost of a the potential sale. Selling misleading or incorrect data insights to a customer may cause them to lose trust and or termination of business. You must have accurate and clean data or you may waste money on an unaffective marketing campaigns.

3. It drives out top employees

"64% of respondents would consider quitting their jobs if additional resources aren't allocated to a CRM data quality plan."

Many top employees are there because they enjoy their job and find it interesting. The data could be so poor that they believe it makes it almost impossible to perform well. If they have to spend a lot of time trying to fix issues of the data before they can do their job they may want to go elsewhere to spend more of their time on what they enjoy.

4. It widens the gap between sales and marketing

"Our study found marketing professionals were 155 percent more likely than their sales counterparts to say that their sales forecasts are ”inaccurate” or “very inaccurate.” Unsurprisingly, we found that one of the main culprits behind inaccurate forecasts is low-quality data."

The most often issue is the poor quality of leads. Marketing team uses their data to find potential leads and hand them over to sales who believe they are worthless. Marketing teams need accurate forecasts to plan campaigns and deliver legitimate leads to sales. In order to get accurate forecasts they need accurate data in their CRM.

5. It leads to manipulated or fabricated data

"A whopping 76 percent of respondents said employees “sometimes” or “often” manipulate data to tell the story they want decision makers to hear."

"75% of respondents say staff fabricates data to tell the story they want decision makers to hear."

Work can be stressful. If you need to just alter a number slightly rather than recalculating potentially a very long solution, many will do it. That altered number will pass the requirements and will just have the consumer start with faulty data duplicating the quality issue leading to potential loss of sales, incorrect analytics, or investment into a wrong forecast.