Organizations are wasting huge sums of money through inefficient processes and poor data quality measures, it has been claimed.
According to information management specialists Datanomic, retailers are losing the money through long-winded processes and unnecessary costs spent sourcing missing data and correcting errors.
In addition, businesses risk damaging their reputations and customer service levels because of the data quality issues.
Jeremy Lovett, vice president of data management applications for the company, explained that businesses were needlessly throwing away millions.
"Accurate product data is the foundation of supply chain efficiency," he added.
"The flow of information is crucial
many supply chain managers and chief information officers have assumed that the data quality IT problem is simply too difficult and expensive to solve - it isn't."
A recent Data Crunch Report revealed that 80 per cent of retailers are currently working with inconsistent data.
Companies can improve their data quality by taking advantage of data loss prevention systems.
Posted by Rachel Wheeler