In this episode of Leader-to-Leader, John looks at a MIT Sloan Management Review article talking about how bad or inaccurate data costs you 15-25% of revenue. 3:11 mins
How does this happen? Because:
- It only costs
$1to prevent an error. - But, it costs
$10to catch and fix the error after-the-fact. - And, it costs
$100to fix, if the customer finds it.
Since most organizations don't invest in prevention, they suffer the high cost of trying to catch and fix errors after-the-fact. This hurts the bottom line, over-and-over again, because, as the article points out, this is “a reactive approach to data quality. Accommodating bad data this way wastes time and is expensive.”
If this sounds all to familiar, we can help.
Contact Us Learn how Pipeline is helping other businesses to add forms, validations, and governance into their tasks to ensure they collect accurate data upfront.
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MIT Sloan Management Review: Seizing Opportunity in Data Quality
The cost of bad data is an astonishing 15% to 25% of revenue for most companies. Better data means fewer mistakes, lower costs, better decisions, and better products.