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Why it is important to Stop Data Decay

Businesses find themselves in an increasingly competitive market.   Not only are they battling with traditional businesses they are now faced with the digital revolution.  New start-ups are taking market share from those that fail to adapt and adopt new technologies.  Customer buying habits are changing.  Faced with such competition imagine marketing campaigns targeting the wrong people, sales initiatives focused on the wrong opportunities, finance billing the wrong amount.  It’s the last thing a business needs and at the root of all these erroneous activities is poor quality data. To stay competitive businesses need an accurate up to date view of their customers whether it’s in a CRM system, or other application for a very simple reason; to enable them to offer the highest service level for the lowest cost.  Bad data can help spread a negative message very quickly, customers go to Twitter to air their grievances and staff have to check & recheck information to ensure its correct.  They may need to understand exactly who they are dealing with by using information stored across multiple systems in a variety of formats. Contact data is subject to constant decay, for example people change jobs and businesses merge. The rate of decay in areas such as job title can be as high as 50% change a year.  Any CRM database without a customer data renewal strategy will become near useless in a few short years. All of this can cost your organisation money, and perhaps more importantly failure to manage the relationship with your customers properly.  Poor data quality is not just costly from a monetary point of view it...