US businesses need to place data quality at the forefront of their plans after research revealed that data-related problems are costing some large companies more than $20 million a year.
The survey, conducted by Forbes and SAP, looks at the data quality issues faced by large global enterprises as they aim to "turn piles of data into actionable information".
According to the results of the study, the majority of organizations questioned believe that managing information well is a crucial factor to business success, Formtek has reported.
In addition, 82 per cent said that this bad data can lead to expensive mistakes, while 61 per cent claim that possessing bad information negatively affects their business processes.
The news provider reports that many businesses are not in agreement about the largest problem they face surrounding data quality, with 40 per cent believing it to be the result of inconsistent data and 38 per cent thinking duplicate data and data migration were the problems.
Meanwhile, recent research conducted by Rosslyn Analytics has found that a large number of industry professionals lack faith in their current data.
Posted by Rachel Wheeler