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Incorrect data quality costing companies' money

Inaccurate data quality within companies IT systems can cost organizations an increasing amount of money, it has been claimed.

Writing for Silicon Republic Gary McSherry, a data management specialist, explained that incorrect data quality - in particular name and address data - has been estimated by the Data Warehousing Institute to cost the US over six per cent of its GDP.

He added in the article: "While poor data quality is accepted in most organisations, the cumulative impact can be enormous and lead to increased cost."

"As the amount of data a company manages increases, it becomes more difficult to accurately maintain that information in a usable, logical framework."

Mr McSherry warned that it can also have a negative impact on universal perception of particular businesses, resulting in lost opportunities and frustrated customers.

Earlier this year, research conducted by Thompson Reuters and Lepus found that data quality was set to play an important role 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.ADNFCR-2366-ID-19653737-ADNFCR