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Lack of data quality information contributed to economic downturn

Rachel Wheeler Archive
Incomplete data quality played an important role in the build up to the financial crisis, it has been claimed.

The comments, made by information industry forum VIP LiveWire, highlight the importance of data quality to an organization.

It said that disorganized data pertaining to the ownership of debt played a role in the economic downturn.

Furthermore, a survey conducted by Lepus and published by Thompson Reuters showed the role which fragmented IT systems played in the financial crisis.

Tim Buckley Owen, manager of VIP LiveWire, said that a "cultural change" was needed to deal with the problems.

"There's no doubt that it was the lack of information provided with the securitised products that largely brought about the crisis in the first place," he added.

"As to areas of a business that could benefit from improved data infrastructure, the answer is probably all of them."

Data quality solutions provider Datactics recently found that data is considered to be the second most important asset a company owns, only losing out to the knowledge and skills of its employees.

Posted by Rachel Wheeler