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Poor data quality 'can produce devastating consequences'
Oct 30 2009, 13:30 PM
Faulty data can produce financially devastating consequences for some companies, particularly those in the property and insurance sectors, it has been claimed.
Using incomplete or miscoded data can lead to inaccurate risk assessments, coverage and pricing, as well as misguided settlement costs and problems with claims adjustment in the future, Data Quality Pro reports.
"Data is at the heart of customer service and support functions. Claims data - from both internal and external sources - supports decisions and planning for claims settlement," the news source noted.
Businesses should bear in mind, the website stated, that quality data is data fit for its purpose.
In related news, Daragh O'Brien, Director of Publicity and Recruitment at the International Association for Information and Data Quality said recently that data must be cared for and fed in order for companies to thrive.
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