How poor data impacts your business's bottom line and what you can do about it.

How does poor data impact businesses? 

• Poor data quality wastes around 27% of the time of the employee using it. 
• Bad data costs the average business $15 million per year in losses.
• Poor data quality is responsible for $3.1 trillion of lost U.S. GDP annually.
• Bad data costs companies an average of 12% of their revenue.
• Inaccurate or incomplete data reduces productivity by 20%.

Why does bad data occur?

• Poor collection and analytical techniques.
• Poor data vetting — accepting data from unverified sources.
• Reliance on unreliable or inaccurate third-party data.
• Recycling low-quality data through software and generating more bad data.

What are the consequences of poor data quality? 

• Lower customer satisfaction scores.
• Inability to perceive the needs of market participants.
• Unnecessarily high costs.
• Higher data processing costs.
• Loss of productivity.
• Incorrect business strategies.
• Damaged reputation.

Are businesses aware of their data problems? 

• 91% of IT decision-makers believe they need to improve data quality.
• 77% of business decision-makers say they lack trust in their organization’s data.
• 87% of companies report knowingly using bad data in their analyses.

What are the solutions to poor data quality? 

• Analyze data patterns: Don’t assume a single data issue is isolated. 
• Make your data stack part of your critical infrastructure: Treat it in the same way as your IT network, physical plant and machinery, offices, and staff.
• Avoid using legacy tools: Seek modern data management solutions that let you manage the entire data lifecycle, not just isolated parts of it. 

Sources:

https://www.forbes.com/sites/forbestechcouncil/2021/10/14/flying-blind-how-bad-data-undermines-business/?sh=514a773629e8

https://www.prove.com/global-solutions/uk

https://www.infocleanse.com/impact-of-poor-data-quality-in-business/

https://www.tdinsights.com/infographics/how-bad-data-affects-business/

https://www.inc.com/anne-gherini/why-your-bad-data-is-creating-a-3-trillion-problem.html

https://www.snaplogic.com/resources/research/state-of-data-management-impact-of-data-distrust

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