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In modern times, data is one of the most important assets for a company to…know more
In modern times, data is one of the most important assets for a company to leverage when making strategic business decisions. In fact, according to Mckinsey, data-driven organizations are 23x more likely to acquire customers, 6x more likely to retain customers, and 19x more likely to be profitable. This means that all-important business decisions depend on having the right information at the right time.
But what if that data is incomplete, incorrect, or in fact missing? MIT researchers estimate that bad data costs businesses 15-25% of revenue.
delphai founder and CEO Dr. Robin Tech and Tido Röder and Peter Strumpner, Solution Associate Partners at McKinsey, gave insights on how to turn bad data into good and its benefits as a positive growth driver for organizations in a webinar on the 28th of February 2023.
“More and more people now start to realize that having good data is the very foundation of all AI models, efficiency gains, and increasing revenue.Dr. Robin Tech, CEO & Founder at delphai
Dealing with bad data
The speakers emphasize that the topic of bad data is now more relevant than ever. Not only are companies measuring and collecting more data about themselves, but also that information is more often shared with the outside world. This only adds to the volume of data.
“To compound the problem, you have even less and less control over that data. Quite often you see data silos growing where one part of the organization has great data and the other one doesn’t because it is complex to manage and rarely shared.”Tido Röder, Solution Associate Partner at McKinsey
Addressing bad data now, therefore, is imperative. Strategies to do so revolve around, for example, governance rules, data integrations, quality monitoring and automation, and continuous improvement. This is true for all data but particularly for keeping firmographic data good over time. Dr. Robin Tech highlights the need to automatize data management for freshness as relying solely on manual input simply is no longer sufficient.
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If you missed this webinar, video shorts from the event are available on our youtube channel.
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