63% of businesses unaware of cost of poor data quality
Two-thirds of organisations don’t know how much poor data quality is costing their business, with a further 42% unaware of the quality of their data, according to research.
Two-thirds of organisations don’t know how much poor data quality is costing their business, with a further 42% unaware of the quality of their data, according to research.
A report, based on a survey of organisations with revenues over £1bn based mainly in the US and Europe, found good quality data is valued as a major corporate asset by the majority of businesses, but confirms that ensuring data quality is still a huge challenge.
Overall, one-third of companies rated their data quality as ‘poor at best’. Only 4% rated their data quality as excellent.
Worryingly, only 37% have a quality initiative in place and 17% have no plans to initiate a quality solution to their data problems. The remainder plan to introduce data quality within the next one to three years.
Other key findings in the report include:
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71% find maintaining high quality product data to be a particular challenge
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Two-thirds of companies have issues with incorrect data or data missing attributes
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35% have a combination of manual and automated processes for data cleaning
The report, The State of Quality Today, was sponsored by Pitney Bowes Business Insight and Silver Creek Systems and carried out by The Information Difference.
Navin Sharma, director of product management for Pitney Bowes Business Insight, said: ‘Many companies continue to work around poor data quality, although the cost of doing so can be devastating to productivity, operational expenses and customer relationships.’