Data is an essential
part of business success. As we know, the use of technology is
increasing across different industries to improve internal
operations, but the accuracy and quality of data are important for
business growth. Poor data quality can affect your business
performance as well as efficiency immensely. Poor data is an
inaccurate set of information or wrong data which happens due to
missing data, incorrect formatting, data duplication, or by
unexpected errors.
Do you know, what is
the impact of bad data on overall business performance?
As per Gartner
research, the costs incurred to the businesses due to poor data
quality, goes up to $9.7million per year on an average. It not only
impact on financial resources but also impacts on business
productivity, efficiency as well as credibility, leaving a negative
impression on clients and customers.
In short, we can say
that
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Bad data hampers decision-making
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Because of bad data, you miss the opportunities
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It damages your brand reputation
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It kills your marketing campaigns
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It decreases customer satisfaction
Let’s take an example
of poor data quality in the medical sector. What can happen? Poor
data quality leads to poor treatment decisions and it can impact the
patient health recovery. But, taking some important steps to enhance
the data quality will lead to maximizing business growth.
If you want to know more about bad data and improper data management impact on business performance, then here is an infographic sharing information about the impact of bad data on the performance of business and ways to prevent them.
