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The overlooked cost of poor data management
Feb 9 2012, 13:00 PM
Data management is a cost mechanism, and is therefore frequently tied with cost related pitfalls. However, there are a few costs that people and businesses may not consider when it comes to poor data quality.
The usual costs to business are cited in terms of financial burdens, frustrated customers and compromised decision-making, and these three factors should certainly be enough to spark a business into action. But Thomas Redman of the Data Roundtable suggests that there may be another cost to contend with.
Bad data quality can distract management attention, resulting in much-needed resources been deployed in costly areas when they could be put to use elsewhere. This reflects a more widespread issue of how costly poor data management can be on the internal organisation of the company.
According to Experian QAS research, corporate databases double in size every six months. Most companies have various capture points, from the internet to call centres and mailing lists, but many are not effectively storing and using this information. This data management headache distracts attention and therefore reduces efficiency.
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