Businesses are making poor decisions because of bad data, according to one industry expert. Poor quality data often costs companies money and may lead to uninformed choices, one industry expert has claimed.
Lance Mercereau, director of marketing and public relations at spend analysis company Rosslyn Analytics, said: “If it’s not accurate then the company’s making decisions based on assumptions.”
His comments came as a study from independent technology analyst Ovum found that businesses are losing money because of bad data, which is also affecting their ability to ride out the tough economic climate.
It estimated that $700 billion (£441 billion) a year is being lost in the US alone due to the inefficiency bad data causes and through lost customers, sales and revenue.
Madan Sheina, author of the report and an Ovum lead analyst, said that because of the high cost, it is important that businesses get to grips with the issue.
“If more did, the economy would be in a better position to recover from the downturn and emerge more competitive when the upturn arrives,” he added.
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