Inadequate data quality is costing businesses money as well as leading them to make uninformed choices, it has been suggested.
Rosslyn Analytics has responded to claims that bad data is costing US organizations hundreds of billions of dollars every year.
Research from independent technology analyst Ovum has found that a lack of data quality is negatively affecting companies’ ability to effectively ride out the economic downturn.
And Lance Mercereau, director of marketing and public relations at Rosslyn Analytics, explains that if data is inaccurate businesses are making their marketing decisions “based on assumptions”.
The expert identified cost cutting as an example of where bad data can have an impact on procurement, as saving money is "the number one priority for basically any organisation nowadays because of the economy".
“If you're caught short by data quality - and a good example would be in a lot of instances when folks put incorrect data into a system, you can have the same supplier, but you can have three or four different names for that supplier within the system - that's a quality issue,” Mr Mercereau said.
Posted by Richard Jones