Data quality should be viewed as a corporate asset that is vital to the success of a business, it has been noted.
The importance of data quality has been highlighted in a blog post by Jim Harris.
Writing on his OCDQ webpage, Mr Harris claims that it can be hard to explain why data quality should carry so much importance in the business world.
He warned that not taking the management of data seriously was an "extremely risky business" and could result in some "highly questionable results".
"An organization's success is measured by the quality of the results it produces. The results are dependent on the quality of its business decisions," he explained.
"Those decisions rely on the quality of its information. That information is based on the quality of its data."
New research, conducted by Thompson Reuters and Lepus, demonstrated the key role data quality will play in the wake of the financial crisis.
A total of 77 per cent of companies surveyed planned to increase their spending on data quality projects.