Data Quality

CHAPTER 3Data Quality in Business

INTRODUCTION

Deriving improved business performance from data is dependent on quality data. But most business enterprises have data quality issues of varying sizes and impacts. Stakeholder needs in most data management programs are varied and vague, and most enterprises lack the data culture, literacy, governance, technology, leadership, and more to address data quality issues. Research published in Harvard Business Review reports that just 3% of the data in a business enterprise meets data quality standards (Nagle, Redman, and Sammon 2017). While quality data in business is contextual and multidimensional, defining the context and selecting the pertinent data quality dimensions will help enterprises derive better business performance from data (Southekal 2017). In this regard, DBP Institute, a leading research, consulting, and education firm conducted research to determine the main roadblock for successfully implementing data and analytics solutions in business enterprises. Over 147 industry practitioners across the globe took the survey, and data quality was the second-most-cited reason that is preventing businesses from realizing value from data and analytics (see Figure 3.1).

FIGURE 3.1 Key Factors to Derive Business Value from Data

 The cost of poor data quality in U.S. business alone moved from $600 million in 2002 to $3.1 trillion ...