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Impact of Bad Data on Business Performance – Infographic
Would you drink five days old milk it or buy a computer in 2018 that gives you Windows 98? Of course, No. Then why use bad data for business, knowing it is terrible, incomplete, or outdated? Do you know that according to reports, wrong data alone costs the United States $3.1 trillion?
Most companies, including managers, decision-makers, data analysts, and more, know how important data management is. Due to lack of time, employees have no choice but to accept the data they receive. Further, they use it for financial contracts, supply chain management, and prospecting new customers. But this is a risky business.
A company can have all the data in the world at its fingertips, but realistically, how much of that data is accurate? How it is being processed is a matter of concern.
The Impact of Poor Quality Data
The repercussions of bad data on business can be severe, causing significant harm to various aspects of an organization. Poor-quality data can lead to damaged customer relations, inaccurate analytics, and misguided decision-making, all of which can negatively impact business performance.
While the sources of poor data quality may initially seem insignificant, they can escalate quickly as repeated errors and various types of inaccuracies accumulate. For instance, missing or erroneous details in email communications can make customers feel insulted, ultimately affecting their business perception. Moreover, when bad data gets in research datasets, it almost always leads to skewed conclusions, making it difficult for the business to make informed decisions.
The presence of bad data can create a recipe for disaster, potentially resulting in lost profits and hindering a business’s ability to thrive. To mitigate these risks, consider incorporating data management services to ensure accurate and reliable data for your business.
Causes and Consequences of Bad Data
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