A recent Forbes Insights report, “The Data Differentiator: How Improving Data Quality Improves Business,” sponsored by Pitney Bowes, examines the key role of data quality. Good-quality data has several beneficial impacts on organizations:Decision making: The better the data quality, the more confidence users will have in the outputs they produce, lowering risk in the outcomes and increasing efficiency. Negative impacts of poor-quality data can include:Undermining confidence: 84% of CEOs are concerned about the quality of the data they’re basing decisions on, according to KPMG’s “2016 Global CEO Outlook.” When there’s a lack of trust in data quality, confidence in the results it provides is quickly eroded. That can cause obstacles to gaining executive buy-in, dampening enthusiasm for further investment in data and quality improvement initiatives. Lost revenue: Poor data can lead to lost revenue in many ways — communications that fail to convert to sales because the underlying customer data is incorrect, for example.

Source: Forbes June 05, 2017 20:23 UTC