Why Poor Data Quality Is Impacting Profits

By Dennis McCafferty  |  Posted 02-10-2015 Email

While nearly all organizations view data as an essential sales and marketing asset, a staggering majority are struggling with inaccurate information, according to a recent survey from Experian Data Quality. The report, titled "Data Quality Benchmark Report," indicates that much of the issue is caused by managerial shortcomings (not tech ones): Many organizations take–at best–a passive approach to this issue, for example. In fact, most lack a formal, centralized strategy to improve data quality. As a result, far too much data is either inaccurate, outdated or incomplete, findings show. "The cost of poor data quality is hitting home in boardrooms across the globe," said Thomas Schutz, senior vice president and general manager for Experian Data Quality. "Most businesses, however, are perplexed because they actually are investing in data quality tools…(But) organizations need to do more than buy a new piece of software; they need to make data quality an organizational priority and put the right team in place to manage that complex effort." More than 1,200 global professionals who have knowledge of their companies' data management practices took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.


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