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Poor data quality impacts on revenue

Incorrect or inaccurate data quality can lead to companies making decisions which can be detrimental to their businesses, it has been reported.

This is the opinion of expert Steve Bennet, who wrote about the dangers of poor data quality on the Smart Data Collective website.

Mr Bennet pointed out that in the most extreme cases inadequate information can have a significant affect on a business' revenue, with a loss of anything up to 20 per cent.

He continued: "Poor information management leads to poor data quality and subsequently poorer business decisions."

"Fear, uncertainty and doubt in your data is a feature of organizations who are failing to effectively manage their information resources."

In addition, Mr Bennet claimed that one of the most effective ways to address quality issues was through "up-skilling" existing staff so that they were able to efficiently utilize existing systems.

A recent study conducted by Altis Consulting found that over half the companies questioned believed that improvements could be made to current data.

Posted by Rachel WheelerADNFCR-2366-ID-19702467-ADNFCR

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