There’s an old saying: “You know its time to get out of the market when the shoeshine guy is giving out stock tips.” So, does all the chatter in the press and around the blogosphere about data quality mean that its issues have already been recognized and addressed by most businesses today?
The answer is a resounding “no”. Data quality is still a substantial issue for businesses large and small; and, most businesses don’t even have their arms around how big an issue it really is.
A new Information Difference Research Study, The State of Data Quality Today, released in July provides a stark picture of the data quality dilemma still faced today. This study, sponsored by Pitney Bowes Business Insight and Silver Creek Systems, found, in a survey of 193 businesses across Europe and North America, that:
- Fully one-third of respondents rate their data quality as “poor at best” – and only 4% indicated that it was “excellent”
- 42% have made no effort to measure or monitor the quality of their data
- 63% have no idea what poor data quality may be costing them
The study also includes insights into the types of data challenges companies face; the reasons they still struggle to get the funding and focus on data quality; and the types of initiatives companies do have underway to improve their data.
It’s an illuminating read – and clearly data quality is not old news. You can view the study today.
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