Bad data. We know it’s a problem otherwise it wouldn’t be called bad data. But exactly how much does this bad data cost U.S. companies? $1 Billion/year? $20 Billion? More? (Answer at the end of this post).
We know there will never be such a thing as perfect data. But we need to raise our expectations and spend money on ways we can improve the quality of the data coming into the system then trying, and usually failing, to fix as it goes through the system.
This article sources out what happens to the bad data as it flows through a system or process and the impact it has financially. A large part of the issue is mainly an area of communication. Making sure requirements are known and not just assumed can go a long way to improving data quality.
And the answer? $3 Trillion dollars per year on the cost of bad data in the U.S. alone. That’s a lot of moola that can be better spent.