Lanham, Md.—While companies have worked for years to improve data quality, they still find it a major challenge to maintain accurate information while struggling to quantify the true business cost of poor data quality, according to a new survey from Pitney Bowes Business Insight.
According to Pitney Bowes' "The State of Data Quality Today," one-third of survey respondents rate their data quality as poor at best, while only 4% rate it as excellent. Meanwhile, 63% of respondents said their organizations have made no attempt to calculate the cost to the business of database errors.
Among other findings, only 37% of respondents said their company has some form of data-quality initiative in place, with 17% of companies having no plans at all to start a data quality initiative. Working around poor data quality can be "devastating" to productivity, operational expenses and customer relationships, Pitney Bowes said.
The online survey, conducted in June, attracted 191 respondents from North American and European companies with annual revenue greater than $1 billion.