Bad Data Costs More Than You Think, Fortunately Solutions are Achievable
Do you know what duplicate, incorrect, missing, inconsistent, and otherwise ‘bad data’ is costing you? Most organizations don’t. The costs are surprisingly high. Fortunately, improvements are achievable.
Poor quality and inaccurate data (“bad data”) is a source of financial and brand losses for most organizations today. On average, organizations spend 3-5 times more than necessary due to bad data. Bad data results from outdated information, conflicting information, missing information, and data entry errors.
Data management best practices can significantly improve data quality. When developing data improvement tactics, consider accessibility and information security. To achieve the best results, follow proven program management to assess problems, define priorities, develop plans, implement, and evaluate & improve progress. Evaluate resource capabilities and experience when planning. Experts achieve the best results. Know your available resources, if needed, engage consultants to provide guidance, bandwidth, and expertise.
This whitepaper explores ‘bad data’ including:
• Costs and occurrence frequencies
• Causes & remediation strategies
• Data management best practices to consider
• Strategies to achieve ROI from data management projects