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Poor data quality 'costs companies billions'
Oct 22 2009, 11:33 AM
Many companies fail to place enough emphasis on ensuring that their data is accurate and up-to-date, it has been suggested.
Writing for Forbes, Dan Wood, Chief Technology Officer and Editor of Evolved Technologist, said that most organisations do not have anyone in charge of data quality.
He revealed that the estimated costs generated by firms using poor data sources was $600 billion (£550 billion) in 2002.
Mr Wood said companies should question whether their data is telling them what they need to know and whether duplicate information is being gathered in different parts of the organisation.
"Ask [the Chief executive and Chief Information Officer] whether they know if the data used to run the company is correct. For financial data, which is a small fraction of what is collected, they will say yes; for the rest, they won't know," he added.
Meanwhile, news resource Kable reported earlier this month that many councils in the UK have poor quality records and are making important decisions based on out-of-date information.
Posted by John Tench
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