Data quality is the yeast in the bread of business.
According to Salesforce.com, “data quality is the yeast in the bread of business. Without it, there’s no chance of rising to the top, and you’re left with a sad little cracker of revenue.”
Here are some interesting facts about how bad data affects your business operations:
- Inaccurate or incomplete data can lead to 20% stalled productivity, which is one day of work each week
- The average company loses 12% of its revenue as a result of inaccurate data
- 40% of all business initiatives fail to achieve their targeted benefits due to poor quality data
A popular phrase in the IT space at the moment is that data is the new oil, and as Ben Davis points out in the second link above, “oil needs to be cleaned before it becomes petrol or kerosene”.
Have you ever stopped to consider the quality of your business data, and what you can do about it? Fortunately, it’s never too late to improve.