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The High Price of Faulty Data

Date: 07/05/2006 | Category: Business | Author: Diana Heeb Bivona

Charles Dickens once said, “I only ask for information.” As a business, we know the importance of gathering, processing, and using information. It’s key to our everyday work and our overall success. However, a recent survey by Business Object drives home the price businesses pay for dealing with inaccurate, incomplete or faulty information.

In this particular survey, only one in ten respondents claimed that they always have all the information they need to confidently make business decisions. Additionally, U.S. workers spend an average of 12 hours per week verifying and checking the accuracy and quality of the information used to make decisions. Do the math on how much that is going to cost your business.

Three-quarters of the respondents also admitted to having made business decisions that later turned out to be wrong due to incorrect, incomplete, or contradictory business data or information. Simply put, information can quickly turn from an asset to a liability if not handled correctly.

Businesses need to emphasize the importance of accurate, complete, and trustworthy information/data in their organization. By doing so, you can create an organization which can turn a potential detrimental liability into a powerful asset and empower your employees to improve business.

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