A large number of businesses do not realize that data stored on their systems is inaccurate, Finextra reports.
In news which could reflect trends in the US, figures from Experian's latest SEPA Data Conversion service show that many enterprises in Europe are unaware of significant problems with their current data.
The news could lead to a number of organizations looking to undertake data quality initiatives to help improve the accuracy of their information.
According to the Experian data, more than 20 per cent of the records analyzed were in an invalid format of contained errors.
"These high error rates demonstrate the need for validation both as part of a data conversion process and as a periodic cleansing process," Jonathan Williams, director of strategic development at Experian Payments, told the news provider.
"Without significantly better data quality, error rates will rise and the confidence of consumers will be undermined."
In addition, Mr Williams explained that this will mean greater error handling costs for business.
Posted by Richard Jones