Companies with poor data management standards are likely to face a number of difficulties.
According to a new report by Informatica, 83 per cent of the IT professionals it questioned lack total confidence in the records stored on their company database, with 80 per cent of sales and marketing professionals feeling the same way.
John Poulter, Senior Vice President for Europe, the Middle East and Africa at Informatica, said: "Sub-optimal and poor data management has immense and far-reaching consequences, from missed business opportunities to the risk of noncompliance to unnecessarily costly operations."
But he added that it is possible to make improvements through the use of best practice procedures, implementing uniform policies and selecting the right technologies.
Earlier this month, an article on the Information Age website explained Gartner Research Vice President John Radcliffe recently told businesses they need to have a governance framework for data management schemes to be carried out in an effective manner.