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The high cost of bad data for procurement
According to The Data Warehousing Institute (TDWI), in the US alone, bad, dirty, inaccurate or missing data is estimated to cost companies over $600bn a year.
Without a clear data management strategy and a deep appreciation for data governance, no company can avoid the repercussions of bad data. Left unaddressed, the impact will only increase as it propagates across systems, data quality continues to deteriorate, and the cost of complex data cleansing spirals out of control.
It comes as no surprise that organizations are turning their attention to data management and analytics to not only reduce the cost of bad data; but also, to mitigate the risks and impact to their bottom line.