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Article: Poor data quality: a $600 billion issue. (Technology).(Poor computer data quality costs $600 bn annually to U.S. corporations)(Brief Article)(Statistical Data Included)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- March 18, 2002
- Author:
CopyrightCOPYRIGHT 2002 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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An independent software research organization has issued a report concluding that poor data quality is costing U.S. businesses more than $600 billion annually, yet most executives are unaware of its dangers.
According to the Seattle-based Data Warehousing Institute, poor quality customer data costs U.S. businesses $611 billion a year in postage, printing and staff overhead. "Frighteningly," the report notes, "the real cost of poor quality data is much higher. Organizations can frustrate and alienate loyal customers by incorrectly addressing letters or failing to recognize [customers] when they call or visit a store or Web site."
Despite these dangers, ...