If You Can’t Measure Your Business You Can’t Improve Your Business
Have you really thought about how much money poor quality data or bad business intelligence is costing your company?
IBM estimates that the yearly cost of poor quality data, in the US alone, in 2016 was $3.1 trillion. That is a flooring statistic. What are the reasons why it is so high?
Below are just a few ways that poor quality data or bad business intelligence can start to rack up expenses for your company:
- Many manual processes and off-book calculations take time and often lead to bad data
- Reconciling and re-reconciling incorrect data is expensive
- Processes not being documented or followed, or even worse not created
- Correcting errors and begging forgiveness costs time and money
- Lots and lots of email, Excel spreadsheets, and PowerPoints many not lead to bad data but often do
- Disparate accounting, time collection, resource management, and reporting tools are inefficient
- Making poor decisions based on old or incorrect data
If this is true for your company, these extra costs are degrading your profitability.