The Data Quality Crisis
The abundance of data is overshadowed by the major shortcomings in quality. The C-suite depends on data to drive strategy and individual contributors rely on data to operationalize go-to-market activities, but intelligence predicated on inaccurate and stale data can be harmful to their success at scale. I fully understand the quandary business executives are in right now. Achieving critical mass with data and intelligence takes time – time they feel they don’t have. But here’s the alternative: They remain tethered to traditional datasets and continue to find themselves late to every sales and marketing opportunity. Or, worse yet, they miss them altogether due to bad data.
Just how bad is the current state of data quality? Consider this.
Radius is connected to over 200 CRM and marketing automation platforms. When comparing the average accuracy of those systems to The Network of Record™ we find that 33% of our customers CRM data is useless due to inaccurate, outdated, duplicate, or missing data. And organizations that don’t fix it see rapid decay.
Our research has found that in a three-month period, 7.6% of contacts in the average CRM become unreachable, 4.2% of phone numbers have changed or disconnected, and 2.5% of emails become invalid
The increasingly dynamic nature of data on businesses and business professionals, coupled with inadequate solutions to this foundational problem, is causing a Data Quality Crisis. See the growing chaos and cost this environment is causing B2B enterprises.
It’s not all doom and bloom.
The opportunity to deliver the strong underlying data foundation that can tie software insights to business decisions has long been open for a technology provider. It’s a mission we initiated years ago, and the result is the foundation that Radius was built on – The Network of Record.
According to a recent report by MarTech and data expert, David Raab, “The Network of Record is Radius’ approach to solving a fundamental problem shared by all organizations selling to businesses: the data in their sales and marketing systems is often entered incorrectly, incomplete, and rapidly becomes out of date.”
Forrester cited Radius as a strong performer in its 2017 Wave report on predictive analytics for B2B marketing. We’re honored to be included in this report, which has rightfully earned respect as a gauge in the marketing technology industry. Inside, the report states:
“Radius bridges the data enrichment and predictive markets. Radius has created and continues to build a massive repository that combines hundreds of attributes sourced from more than 18 million US businesses and 37 million contacts with aggregated and anonymized data from more than 680 million records from customers’ systems. This combination of sourced and customer-contributed data means that Radius could create the largest cloud-based B2B data source, housing the most up-to-date business information without the need for manual verification or the inaccuracy of purely crowdsourced methods. Radius match rates and accuracy are thus very high and do not degrade as quickly as those of other approaches.” – The Forrester Wave™: Predictive Marketing Analytics For B2B Marketers, Q2 2017
With innovation and a focus on revenue operations, we can overcome the Data Quality Crisis together.