You may have heard the expression, quality doesn’t cost -- it pays. A more precise formulation applies to business in the form of the 1-10-100 rule of data quality. The idea is that while it could cost you $1 to corroborate the data upon entry, it costs $10 to clean it later and $100 to leave it uncorrected due to the various losses that will result from it. How to prevent that happening? Adopt a CDP solution.
Losses due to poor data quality cost the US economy $3.1 trillion annually, according to IBM’s 2016 estimate, and concern about data quality has risen since then. According to Dunn & Bradstreet’s 6th Annual B2B Marketing Data Report, it grew from 75 percent in 2016 to 89 percent this year. It also found that only half of those surveyed express confidence in their own data.
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