Executives are aware that data of poor quality can hurt their businesses, but they're not doing much about it, a new survey suggests.
IT data intelligence firm Blazent has, together with 451 Research, released a report entitled 2016 State of Enterprise Data Quality, looking at enterprises’ relaxed attitude towards data quality, and the negative impacts it has on business.
Here are some of the numbers suggested by the report: 40 per cent of C-level executives and data scientists are ‘very confident’ in the quality of data their company possesses. At the same time, 94 per cent know poor data quality can hurt their business.
Key two areas big data can affect are revenue (42 per cent) and poor decision making (39 per cent).
“Too often, IT leaders become enamored by the concept of big data without questioning its quality or validity. This report reveals the cost of this oversight and the overall impact it has on the business,” said 451 Research’s Carl Lehmann.
The leading cause of poor quality data is migration, for 47 per cent of executives surveyed. It seems this usually happens when no data scientists are involved, and the burden of ‘cleansing’ raw data falls on the backs of the IT: “In cases where costly data scientists are involved, one-third report spending up to 90 per cent of their time “cleansing” raw data,” the report adds.
The report concludes by saying that despite all this, the importance of data cannot be neglected.
“Eighty-one percent of respondents use data analytics to uncover new revenue opportunities, and it is perceived as having a direct impact on increased revenues (51 per cent) and lower costs (49 per cent),” the report says.