Damco serves its shoppers by presenting clean, consistent, and up-to-date data. We deliver customized data cleansing and formatting services, data migration services, address cleansing services at cost-effective prices in India also all over the world.
Data forms the backbone of major business decisions in the digital age. But what makes the strategies successful is the quality of data used! Poor quality data used for decision-making can cost fortunes to companies—loss goes beyond dollars and cents as employee productivity also suffers. They have to spend time looking for the right information; highlighting the need for an efficient data cleansing process.
Gartner's research states that the average financial impact of poor quality data on companies is $9.7 million per year. What is more surprising is the data stated by the report - businesses in the US alone lose $3.1 trillion annually due to poor quality data. The numbers are surely concerning.
With regular data cleansing practices, companies can save financial costs and increase profits. Having access to clean data enables organizations to accelerate the processing step. The insights derived from subsequent data analysis allow the stakeholders to make informed decisions and map out effective growth-driving strategies. They can also minimize the compliance risks, thereby avoiding the potential chances of legal breaches.
Accommodating bad data is both expensive and time-consuming. Take the case in point, the salesperson believes that the data (for example, phone numbers) used is correct and hence takes up the call. But the person on the other end doesn’t exist at the same number anymore; they end up wasting their crucial time. So, the crux of the problem is that as businesses grow, data gets fragmented and scattered in different applications and documents. Checking the data quality becomes challenging for several companies.
The Data cleansing process demands dedicated time and effort. Hiring an in-house team is not always a feasible option as the requirement is not the same at all times. Instead, collaborating with experienced data cleansing companies is a smart way out. These providers have the potential required to perform the task efficiently. Apart from a cost-effective avenue, outsourcing such ancillary tasks allows businesses to gain a plethora of benefits as mentioned here:
Reputed data cleansing companies have a pool of professionals hired from around the world who know what it takes to perform the task efficiently. The data specialists de-duplicate data, delete erroneous values and remove redundancies to ascertain that data quality remains intact for CRM database, email lists, B2B database, etc. Having hands-on experience in the data cleansing process, they can be banked on for speed and accuracy.
Equipped with the latest tools, cutting-edge technology, and streamlined workflows, the outsourcing companies can efficiently clean up pools of unstructured and inconsistent datasets. A conspicuous advantage of partnering with experienced data cleansing companies is that they provide a collaborative workflow to help businesses focus on their core competencies and ensure quality in every outcome.
Every business has distinct requirements. Addressing the fact, the professional providers offer scalable data cleansing solutions to the clients based on their unique needs. They leverage automated tools and technologies to make the data ready for processing, thereby helping companies expedite their decision-making. They can efficiently clean any volumes of data within the desired time and budget.
Dealing with data is not easy, meaning that numerous rules and regulations must be kept in mind. Business as usual, the data cleansing companies stay updated with the latest laws, regulations, and amendments such as PII, GDPR, HIPAA, etc. They ensure that the databases are up-to-date and there is no legal breach, thus saving the companies from compliance-related lawsuits.
Bottom Line
Data cleansing is an essential business process, irrespective of the industry vertical organizations operate in. Undergoing strategic partnerships with experienced data cleansing companies allows companies to reduce costs and realize profits. Not only it helps businesses reduce the compliance risks but also helps them stay competitive.
