Data Quality has a big impact on your bottom line and is a key factor that can differentiate you from your competitors. However, as the issue of data quality is complex and spans multiple business units, the impacts of data quality often go unchecked and unmeasured.
Data Quality issues are systemic across many businesses: For example:
The impacts of data quality
Data Quality issues can have direct and indirect impacts on your organisation. The direct impacts are easily quantifiable, including how much money is being spent on 3rd party data, data cleansing, and manual data remediation efforts. However it is the indirect impacts that create the higher cost for many organisations.
Three common in-direct impacts of data quality include:
So what is data quality costing your business? What is the opportunity cost of leaving this unchecked?
No doubt, with some measurement and investigation, there is a strong business case for value creation by addressing this often overlooked and under managed issue. It takes an analysis of the direct and indirect impacts of data quality to get a true sense of why data quality is important and to understand the true cost to your business.
Collagis is committed to helping businesses like yours to optimise workforce and organisational effectiveness. We'd love to share with you how we can help address data quality in your organisation.
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