News
 Understanding
the Benefits of High-Quality Data
Possessing high-quality data can prove to be
advantageous for your company. What exactly are the
benefits of high-quality data and what can you
derive from it? A recent study by The Data
Warehousing Institute (TDWI) shows how high-quality
data can be good for you.
While there are benefits to having high-quality data
– believe it or not – most don’t really know what’s
good about having clean, accurate data. According to
the TDWI study, half of the respondents “haven’t
studied the issue” of data-quality benefits.
The study notes that data quality is clearly driven
more by liability than leverage – with more time
spent studying problems rather than its benefits.
But there are good things to say about having
high-quality data. According to the study, the top
three benefits of high-quality data identified by
respondents all relate directly to data warehousing
– namely greater confidence in analytic systems (76
percent), less time spent reconciling data (70
percent) and single version of the truth (69
percent).
This is to be expected, since data-quality projects
have a track record of success in data warehousing.
Other benefits to high-quality data are more
business-driven. For instance, gains in customer
satisfaction (57 percent), cost reduction (56
percent) and increased revenues (30 percent).
Here are the types of data prone to quality
problems:
* Customer data 74%
* Product data 43%
* Financial data 36%
* Sales contact data 27%
* Data from ERP systems 25%
* Employee data 16%
* International data across multinational co. 12%
* Other 10%
Source: TDWI
|
|
|
