Impact of Bad Data on Business Performance – Infographic

Would you drink milk if it was five days past its sell-by date? Would you buy a computer in 2018 that gives you Windows 98? Would you use data when it is terrible, incomplete or outdated?

Clearly, the answer is a big NO!

However, it seems that the use of poor data is a common practice for many businesses; in 2016, wrong data alone cost the United States $3.1 trillion.

Most companies know how data management is important including managers, decision-makers, data analysts and so many others use it every day at work. Due to lack of time, some employees have no choice but to accept the data they’re given and 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? And how it is being processed- is a matter of concern.

Causes and Consequences of Bad Data