Two recent studies highlight the significant cost of inadequate data quality.
Last month, we wrote about the State of Data Quality, an Information Difference research survey in which one-third of respondents rated their data quality as “poor at best.” A full 63% of organizations had no idea what poor data quality may be costing them.
This month, Gartner quantifies that cost.
In the latest Gartner study, participants estimated that poor data quality cost their organization an average of $8.2 million a year. 22% of respondents calculated their annual losses at $20 million or more. And while losses of millions of dollars are significant, Gartner analysts believe these figures understate the true financial impact on most organizations.
A recent article in Tech Target added that much of this loss is due to lost productivity among workers who, realizing their data is incorrect, are forced to compensate for the inaccuracies or create workarounds when using both operational and analytic applications.
Tackling the challenges of data quality, however, requires not only an investment of time and money-but also a commitment from management. Given today’s economic pressures, it is more critical than ever for organizations to build a business case for data quality. Yet that is easier said than done.
As data quality impacts every facet of your organization, calculating its impact can be a daunting task. Consider for example, what is the value of:
- Stronger customer relationships
- Improved targeting and higher sales
- Streamlined billing and order processing
- Compliance with state and federal regulations
- Lower cost of communication and postage
- Consolidated workflow processes
- Better management decisions
- Timely, accurate service
Fortunately, you can learn how to overcome these challenges and build the case for stronger data quality in your organization. On Friday, September 18th, Andy Hayler, the President and CEO of The Information Difference, will share his insights on what it takes to make a business case for data quality. Using real-world stories that illustrate both successes and failures, this interactive webinar can help you gain the executive support you need to make a difference.
Best of all, as a guest of Pitney Bowes Business Insight, you can participate in this informative webinars at no cost to you. You just need to register today.