Bad data is costing US businesses hundreds of billions of dollars a year and is affecting their ability to ride out the tough economic climate, according to Ovum.
In a new report the independent technology analyst claims that poor quality data is now costing US businesses an estimated $700 billion a year due to the inefficiency it causes and through lost customers, sales and revenue.
Bad data includes incorrect and outdated values, missing data and inconsistent formats. Costs mount as it wastes time and leads to poor targeting of resources and flawed pricing strategies.
While there are many data quality tools available to help businesses reduce the effect on their bottom line, choosing the right one is half the battle.
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