Study: Poor Data Quality Costs $600B Yearly
The report, which also was sponsored by data quality vendor DataFlux Corp., Cary, NC, a SAS company, found a gap regarding the quality of data in many organizations.
Almost 50 percent of survey respondents expressed no current plans to implement an initiative to improve data quality, even though 78 percent of respondents said their organizations need additional education about the importance of data quality and methods to maintain and improve it.
"The good news is that achieving high quality data is not beyond the means of any company," said Wayne Eckerson, director of education and research at the institute. "Companies that have invested in managing and improving data quality can clearly cite the tangible and intangible benefits of doing so." According to the report, benefits include improved customer satisfaction, a "single version of the truth" and "greater confidence in analytical systems."
The report, Data Quality and the Bottom Line: Achieving Business Success Through a Commitment to High Quality Data, is the institute's first report in its 2002 Report Series. The findings were based on interviews with industry experts, customers and survey data from 647 respondents.