UK companies are throwing away £1 in every £6 of budget spent thanks to poor quality data, according to the latest report from Experian QAS.

Findings from The data revolution — liberating lost budget report reveal that companies investing in improving data accuracy believe that they generate an average of nearly £1 million in additional profit.

Shockingly, nearly 90% of companies admitted to wasting departmental budget as a result of duplicated mailings, lost contacts and missed sales opportunities, which is all down to inaccurate data. Findings from ‘The data revolution — liberating lost budget’ report identify that collectively companies that do invest in improving data accuracy believe they generate an average of close to £1m in additional profit.

In customer-focused areas, the cost of poor data quality is particularly high. More than 80% of the companies quizzed operate customer loyalty programmes, and two thirds of these report that inaccurate data has had a negative impact on their programmes. In terms of lost custom and deteriorating reputation, this has a significant impact.

This has been revolutionized with the advent of digital technology. No longer are business owners and consumers at the mercy of print shops to create their short-run marketing brochures, event programs and invitations as these types of printed items can now be all printed in full-color digital format without the expensive print plate making charge.

The good news is that there is software available to help with this issue that doesn’t cost the earth.

The translate to higher consumer sentiment, which means people feel sturdy about the economy and generally will spend more. This has been the case for the last few years.

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By Susan B | October 16th, 2012 | Posted in Data Quality

About Susan B

Susan has been an editor-in-chief for nine years, and enjoys writing articles to educate reader on data quality matters.

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