Why is high data quality so important?

The quality of your data has an impact on your business.
But can this be expressed in figures? And is it worth to optimize it?

What impact has bad data quality?

The critical success factors of your company are the revenue, cost-structures and the resulting wins. Following a study of Gartner, bad data quality is responsible for an average loss of $15 Mio. every year and company.
But the causal connection between data quality and losses can usually not be seen at the first glance. Let us look at an example. A companies management makes important strategic and operational decisions based on key performance indicators (KPI's) and reports. When these figures are wrong, they may make a wrong decision. That happens every day and has a huge impact.
Did you know, that 47% of all newly created data records contain at least one cirtical error? Only 3% aber absolutely error free. This impressive numbers are the reason for interrupted, slowed and erroneous business processes. Also human input errors cannot be detected before it is too late. Data Quality errors are very difficult to discover in huge data volumes. And it takes a lot of time to find them.

What companies do to improve their data quality sustaiably

Companies like ifolor AG, Swiss Life AG, Helsana AG and many more rely on the BiG EVAL software solutions. BiG EVAL can be used for Test Automation in data-oriented projects and also for data quality management in productive data environments. Simply said: BiG EVAL reads data from different data sources and validates it by a set of validation rules. The results get shown in a clear and simple dashboard or BiG EVAL executs problem solving processes. Pre-built and custom validation methods, alerting processes, business rules and automated testing is only an excerpt of the comprehensive set of features.
By validating and optimizing your information continuously with data quality tools, you can leverage your data quality tremendously, or you can eliminate data errors completely. Your revenue, your colleagues and the companies management will be thankful for that.