High cost of poor data quality
There have been many surveys and reports that try to quantify the cost of poor data quality to an organization. Quintly estimates poor data costs an average loss of $15 million per year, while IBM estimated it cost US businesses $3.1 trillion in 2016 alone.6 Meanwhile, in a recent survey commissioned by Monte Carlo, more than half of the respondents reported that poor data quality is impacting 25% or more of their revenue, while the average from all respondents was 31%.7
$15 million Average losses incurred due to poor data quality
25% Or more revenue impacted by poor data quality
These findings outline both the direct and indirect ramifications of poor data quality. Direct costs are those that have an impact in the short term and include the breakdown of an operational process, the downtime of a data-driven product, and the loss of productivity for employees. Indirect costs are those that have an impact over the long term, impacting decision...