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Poor Data Cleansing Hampers Business Success, Say Analysts

Cost reduction analysts say that inaccurate, out-of-date records and poorly maintained client data files are costing businesses money, both from unwarranted expenditure and loss of customers.

Data cleaning can be a time-consuming process, but unless it is regularly undertaken companies are liable to make poor decisions. In the engineering field, enterprise data management covers a wide field, ranging from up-to-date client and supplier contact details to ROHS/WEEE records and part obsolescence management. Failure in any of these areas can lead to unwarranted expenses, dissatisfied customers and, in the case of environmental compliance, hefty fines.

How Much Can Poor Data Cost Your Business?

Today, numerous companies offer data cleansing services to electrical and mechanical engineering firms. The solutions we at Enventure Technologies offer are a boon to the small businessman, who is often unable to invest in a dedicated department to take care of things like customer data records and WEEE compliance. When you have tight deadlines to meet, it’s hard enough to keep up with your engineering BOMs, let alone work out an effective master data management plan for your company records.

In 2010, cost reduction consultants at Ovum, a firm of independent technology analysts, reported that businesses are faring badly due to poor master data management – a disaster in today’s economic climate. It was estimated that around $700 billion a year is lost in the US alone, through inefficient upkeep of data files.

The benefits of outsourcing your data cleansing problems to a reputable company are obvious. Battling it through on your own can be a very false economy.

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