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Home | Data Quality Solutions | Data Integration & Migration | Corporate Health Check: Painless cures for poor customer data
Corporate Health Check: Painless cures for poor customer data
What You Don’t Know Will Hurt Your Business
Most chief executive officers will tell you that people (customers and staff) are their number one asset, but what’s the second most valuable thing in your business? According to Professor Charles Munn OBE FCIBS, the former CEO of the Chartered Institute of Banking in Scotland, the second most important thing in any business is its data, the information it holds about its operations and its customers. His view is backed by analysts and organizations such as the Data Warehousing Institute, which estimates that poor data quality costs organizations up to 25% of their annual revenue.
Despite this, many organizations are failing to adequately monitor and protect the health of the information they hold about their customers. Sloppy data collection practices and poor system design results in data that can damage customer relationships and result in costly remediation and the loss of business.
Symptoms of Critical Data Issues
Unless an organization takes a proactive, analytical approach to understanding its data, it is likely to sit back and wait for data quality issues to surface before addressing them. Anecdotal examples of the business issues caused by erroneous data are simply symptoms of a deep rooted problem. In the same way that a doctor will carry out tests to establish the nature and extent of an injury or illness, an organization that is suffering from the symptoms of poor quality data needs to put its data under the microscope.
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