A greater number of businesses are focusing on their standards of data quality as fewer major IT projects have been launched during the recession.
While businesses spend more time monitoring their existing projects, they are also sharing the information they have in a more aggressive manner and this means there is more pressure to deliver good data quality, reports ITBusinessEdge.
There has been an increase in sales of data quality tools, suggesting more businesses are taking the issue seriously and are happy to invest in the necessary equipment to ensure any problems are sorted out as soon as possible.
Writing for Forbes, Dan Wood, chief technology officer and editor of Evolved Technologist, recently estimated businesses lost around $600 billion throughout the course of 2002 because proper data quality was not maintained.
He added many businesses could minimize their losses by appointing an individual to keep track of corporate data quality, which very few firms do.