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Poor data quality costing large businesses millions

Rachel Wheeler

May 6, 2010

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The importance of implementing good data quality measures in business has been highlighted in a recent study by Forbes Insights.

According to the results of the research, large organizations could be at risk of losing more than $5 million every year.

The 'Managing Information in the Enterprise: Perspectives for Business Leaders' report looked at the problems faced by business executives in relation to managing data, before concluding that further work needs to be done.

"Businesses must take action if they hope to leverage data as a strategic asset," said Byron Banks, vice president of Enterprise Information Management.

"This is not an initiative that can simply be delegated to IT- it needs to be supported and advanced at the highest levels of the enterprise."

In addition, Mr Banks claimed that by working as a team, businesses would be able to reduce costs and open up new opportunities.

Daragh O'Brien, of the International Association for Information and Data Quality, recently suggested that data quality would play an important role in the recovery of businesses in the wake of the global economic crisis.

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