5 ways in which poor data quality can cost you

losing money due to data quality issuesWe all know that data quality issues can cause frustrations, delays and hinder decision making. What we don’t always appreciate is that there a cost associated with these data quality issues. In order to elaborate this point, I’ve described 5 ways in which this cost manifests itself along with some examples of what happens in real life:

1. Cost of fixing data

Your team is always in fixing mode, ensuring all data issues reported by users are being resolved ASAP. That’s great news for the users!

Whilst this is a common situation in many organisation that I have come across, what these organisations (or their managers) fail to see is that they’re investing their technical resources to fix data problems instead of focusing on value creating activities within the organisation. In effect, these technical resources are merely expenses to the organisation. The cost to the organisation manifests itself through the hiring of new resources to perform the value creating activities or through delays to these projects due to their reliance on resources with other, more important, priorities. (more…)