Prioritizing Data Quality to make the most out of the budget.
Feb 25 • 3 min read
Reliable databases have now become mandatory for the growth of businesses. According to the latest Gartner study on business data, poor data quality costs the company an estimated $15 million per year, with a record of 70% of data decay globally.
This is only going to get worse as information environments become more complex — a challenge that organizations of all sizes face. Those with multiple business units and operations across multiple geographic regions, as well as a large number of customers, employees, suppliers, and products, will inevitably face more severe data quality issues as people, positions, postal addresses, and contact information continue to transform.
The Call of Concern- B2B Data Decay
The business dynamics have changed drastically in Q1 2023, with massive layoffs happening daily in big MNCs leading to Contact Data Decay.
As a result, database companies are struggling to strike a balance between massive amounts of stale data in their databases and newer ones generated daily from customer interactions. And this decay can lead to a variety of problems, such as data duplication, increased churn rates, outreach to cold leads and missed opportunities by sales reps, and more.
Data Quality > Data Quantity
"Poor data quality practices diminish digital initiatives, weaken market position, and increase customer fear and mistrust, whereas good data quality empowers business insights and launches new business models across all industries. It allows businesses to earn money by selling data as a valuable asset."
— Mei Yang selvage, Research Director at Gartner with 23 years of experience.
We must reconsider and recognize that data consistency is now the most important criterion to consider when determining data quality.
Furthermore, when it comes to numbers, quantity does not always imply profit. A large database is insufficient. If it is discovered to be irrelevant and untrustworthy in the end, it can mislead and confuse leaders, making decision-making more difficult, increasing costs, and lowering the output.
Assume you've been given a million completely random contacts who may or may not become clients. So, would you rather have AI-powered virtual assistants accurately verify 3600 concurrent calls per hour or rely on time-consuming and ineffective traditional methods that increase the likelihood of missed opportunities?
Choosing the Most Relevant B2B Data in 2023
The average annual expenditure on premium data quality tools continues to rise, with an average of $208,000 and a median of $150,000, preventing more widespread adoption of tools due to their high cost, making them unattainable for small businesses and startups equally.
A Genius AI-powered Solution: The Right Tool to Use
Every effective marketing and sales strategy is built on a solid B2B database, and to build that strong foundation, GenieTalk.ai’s Intelligent AI-powered Virtual assistants would be the right pick. Let’s look at the reasons why:
Accurate Data Analysis- A B2B firm has a plethora of information sources; a comprehensive data analysis ensures that your sales force only spends time, effort, and resources on the right customers. Our AI-powered solution simplifies prospect identification by tele-verifying the contacts.
Converting the MQL to SQL Stage- Data enrichment through virtual assistants can help marketers prioritize their leads based on buyer intent and persona, allowing them to concentrate their efforts on the most solid leads, improving their sales pipeline, and generating more revenue.
Boost Conversions with Correct Strategies- Revenue+operations is a relatively new and important aspect of the B2B market. More targeted marketing campaigns that are tailored to the needs of the customers can generate revenue, resulting in conversions of potential leads to the clients, and getting a higher return on AI investments.
Accessing the Golden Opportunities with Verified Data
Data access from multiple systems can be inconvenient and lead to human errors. While data is the fuel that powers your B2B Sales and Revenue engine, stale data can cause it to shut down and cost you millions of dollars.
However, using our revolutionary deep tech-driven platform backed by automation and Intelligence, #GenieVerify can enrich your data in real-time 100x faster than your human agents. It's a solution worth every penny, with a higher ROI.
Looking for a competitive edge that too at a lower cost?
Schedule a call with our AI experts, and get access to opportunities waiting for you.