3 Ways Clean & Accurate Data Can Help SMEs

What is Data Cleansing and why is it essential for Business?

The global datasphere is expanding at an unprecedented rate. It is projected to reach 163 zettabytes by the end of 2025 – over ten times the amount generated in 2016¹.

While this presents immense opportunities, businesses must ensure their data is accurate, clean and reliable to unlock its true potential. That’s where Hopewiser come in.

For small and medium enterprises (SME), there is a lot to be gained from the copious amounts of data out there, but the key to success is ensuring the information you have is good quality.

Data Cleansing – the process of removing inaccuracies, duplicates, and outdated information – is fundamental to maintaining efficient operations, boosting profitability, and enhancing customer satisfaction.

Let’s explore its advantages and why it matters.

Businesses today rely on vast amounts of customer and operational data.

However, poor-quality data can result in lost revenue, inefficient marketing efforts, and compliance risks.

By proactively cleansing data, organisations can achieve higher accuracy, streamlined workflows, and sustainable growth.

Improve profitability and customer retention

Data-driven businesses all know that customer retention is more cost-effective than acquisition.

Studies show that retaining customers can lead to a 95% increase in profitability². Yet, inaccurate data – such as incorrect contact details or duplicate records – can disrupt communications and weaken customer relationships.

Data Cleansing in the Cloud is a budget-friendly way for SMEs to ensure their customer data is good quality.

With effective data cleansing solutions, businesses can:

Improve customer engagement through precise targeting
Eliminate duplicated or outdated records that inflate costs
Strengthn retention strategies with verified data

Gain a competitive edge and increase market share

Accurate customer data is critical for effective marketing and analytics. SMEs leveraging clean data can:

Enhance campaign precision, reaching the right audience with relevant messages
Improve customer satisfaction and increase market share
Reduce marketing waste and enhance ROI with optimised segmentation

In today’s competitive landscape, having reliable customer insights helps businesses capture greater market share, and put them ahead in the race for success³.

Enhance operationanl efficiency and sustainability

Data errors contribute to significant financial losses, with estimates suggesting businesses spend around 10-30% of revenue handling issues with data quality⁴.

Poor targeting and inaccurate databases lead to inefficiencies and unnecessary costs.

Optimised databases reduce operational delays and miscommunication
Reduced watse supports sustainability goals and responsible business practices
Improved efficiency lead to faster decision-making and better resource allocation.

According to Forbes, more than half of UK businesses planned to increase their spend on sustainability by summer 2021, with a view to becoming more environmentally friendly⁵.