Research shows that bad data quality costs companies upwards of 15% to 25% in lost revenue. 

How can businesses reduce the revenue leakage associated with poor data quality, and instead, ensure quality data that drives business value?

Bad data is costly. 

Why? Because it is…

• Inaccurate: spelling mistakes, incorrect numbers and missing information are common characteristics of inaccurate data
• Uncontrolled: left unmonitored, bad data can pollute entire systems and impact a business’s bottom line
• Static: when data is not monitored and therefore not updated, it becomes ineffective and useable
• Noncompliant: when data doesn’t adhere to regulatory standards, it leaves businesses open to risk and penalties
• Unsecured: without the right controls and governance in place, data becomes vulnerable to attack from bad actors
• Dormant: inactive and unused data cannot provide value to a business

To reduce revenue leakage, businesses need to combat bad data with the help of a data quality solution. 

However, to be effective, businesses must leverage a data quality management solution that conditions data using the following six key criteria:

• Accuracy
• Completeness
• Consistency
• Timeliness
• Uniqueness
• Validity

The exMon platform orchestrates data quality using the above criteria, ensuring that time, resources and money aren’t needlessly wasted on manual data management tasks. Internal systems are interconnected, which means they transfer quality data between them, reducing administrative workload and enabling all employees to access and make use of a single source of truth.

The solution uses continuous monitoring methods and automates manual processes, so businesses have more accurate and quality data. 

The result is more trustworthy data that highlights and reduces revenue leakage, by providing greater insights and driving actionable results.