Quality matters 

When will it rain? How much grain will we harvest? Since the dawn of time, humankind’s survival has depended on the availability of accurate information. Today the number of questions we need to ask becomes more, and the answers we need to uncover in order to develop are ever more sophisticated.

In the same way, the survival of modern companies depends fundamentally on the availability of high-quality information. Such information is accumulated and processed through data-driven business models. Data-driven business models promote innovation, enhanced processes and lower transaction costs, leading to competitiveness and economic expansion.

On the other hand, bad-quality data can significantly negatively impact companies, frequently causing angry clients, additional costs, wrong decisions, and sometimes even fines. An article published in the renown MIT Sloan Management Review in 2017 outlines that bad quality data costs companies on average 15% to 25% of their annual revenue – A sum that is high enough to be a decisive factor for a companies continued mid- to long-term economic success.

Literature:

Redman, T. C. (2017). Seizing opportunity in data quality. MIT Sloan Management Review. https://sloanreview. mit. edu/article/seizing‐opportunity‐in‐data‐quality. November, 29.