Childhood memories of ‘There’s a Hole in My Bucket’ come to mind when thinking about this crucial data concept.
The song describes Henry’s need to fix a hole in his bucket, but with every solution put forward by Liza, a new problem occurs.
Straw is suggested to fill the hole, but he has no knife, a stone is recommended to sharpen the knife, but the stone is too dry, water is offered as a solution to wet the stone, but there’s only one bucket…and that has a hole.
And the song continues…
The analogy is: the bucket represents our database (CRM System) and the water the quality of data.
Every day, our data quality reduces simply because data is temporal and times-out on us for a myriad of reasons.
We’re all aware of the notion of Data Decay, so we thought we would put together a Data Decay Infographic of some of the key facts…see image below.
Without doing anything, you can see that a B2B database can decay up to 22% per year and 10% for B2C contacts.
Given this alarming rate of decay, it’s so vitally important that all organisations have a way of counteracting this.
The figures are for UK, but similar figures are likely to be seen for United States, Europe and Australia.
The good news is, there is a methodology to measure and reverse this trend, but as you can imagine it takes some effort.
In the next post we’ll describe how to measure the effect of decay and how to counter it.
(Fix it Dear Henry, Dear Henry, Dear Henry, Fix it!)
Click Infographic for full size.