Prioritising Data Validation: Need of the hour!

Data decay is a constant challenge for organizations that rely on data to make informed business decisions. Every year, bad data costs US businesses more than $611 billion.

The atmosphere for doing business online is constantly unstable. Every hour, CXOs switch jobs, businesses move every other day, mergers happen often, and new start-ups are created every minute. And as a result of this relentless attack, B2B database aggregators' credibility erodes.

Did You Know: B2B data providers are under constant pressure to boost volumes quickly. due to which they tend to extract data from ambiguous and untrustworthy sources and avoid cross-referencing. 

In 9/10 situations, this data may be outdated. This has a negative effect on their client's capacity, to use the data to interact with both current and potential customers restricting the growth of the firm.

Did You Also Know: In order to reduce the risk of data decay, B2B aggregators have started to implement AI-based tools like virtual assistants and future-forward practices in Conversational AI. This is because B2B businesses usually rely heavily on digital data for efficient decision-making and targeted marketing campaigns.

Due to the enormous advantages AI-enabled technologies offer in terms of cost, performance, and accuracy, their adoption in today's industry has accelerated quickly. The potential of AI combined with data validation tools and systems is currently revolutionizing the industry. It is a great way to guarantee that the data utilized for insights and workflow optimization is accurate at every stage.

Manual V/S Modern Data Validation:

Since data decay is a current hot topic, there is a rising discussion over why data validation is so important for a B2B database company right now.

The answer is simple, the decision relies on precise, logical, and detailed data. This information must be trustworthy in order to prevent managers, users, stakeholders, and anybody else utilizing the data from being misled by stale data.

Therefore data validation must be used across the entire data management lifecycle. Before choosing the better option, let’s have a look at the two types of data validation systems:

1. Manual Data Validation-

Many large database organizations still consider manually enhancing and verifying data with live agents. 1 agent validates 150–180 contacts daily on average over the course of 9 hours. Whether a business is a startup or a major Lead or Demand Gen Company, this is where time, effort, and money are wasted.

2. Modern AI-Powered Data Validation-

The modern method eliminates the human aspect of the system, greatly enhancing the scalability of the validation tools. In this way, virtual agents may assist in validating more contact data at a much faster rate, with 1 virtual assistant validating 3600 contact details, addresses, e-mail addresses, and more in just one hour. How exciting does this sounds?

Winning the war against Data Decay with the Power of AI:

AI-powered data validation has a number of advantages, including-

• Improved Accuracy: AI algorithms can analyze large amounts of contact databases quickly and 100% accurately, reducing the risk of redundancy and human errors.

• Increased Operational Efficiency: AI-powered data validation can automate the data validation process, reducing the time and effort required for manual data validation.

• Cost savings: Each bad lead can cost up to $100 per record, according to SiriusDecisions. Because automated data validation eliminates the need for human data validators, it can reduce the cost of data validation.

• Monitoring data in real-time: AI-powered data validation can monitor data in real-time, allowing organizations to identify potential errors or inconsistencies before they cause problems. Also, virtual agents help in getting a 360-degree accurate view of the customers, helping to make the campaigns more targeted.

Automation is the key to keeping your databases fresh in today's fast-paced and technologically innovative world. Data must be trustworthy for all end users. Otherwise, leaders won't trust the CRM databases, and opportunities for improved efficiency, goal attainment, and valuable insights will be missed resulting in huge losses. 

Rather than relying on humans, who are prone to errors, deploy a smart virtual agent powered by AI technology for increased efficiency.

Connect with our AI expert for more information on AI-powered Data Validation and how your organization can make the most out of it.