Only 3% of companies have data that passes quality standards tests, study finds

Though many executives acknowledge the importance of collecting high-quality data on their operations, a new study of 75 companies finds only 3 percent have high-quality data, according to the Harvard Business Review.

The study asked managers to put together 10 to 15 critical data attributes for the last 100 units of work completed by their departments. The managers and their teams then worked through each record and marked obvious errors. They then tallied all their error-free records, which gave them a score between zero and 100 that represented their data quality.

Before taking the test, managers agreed that any quality rating below the high 90s would not be acceptable. However, nearly half of the scores from the study came in below 57 percent. As tasks are more expensive to carry out when companies rely on poor data, the study's authors implore companies to focus on maintaining data quality standards as a means of lowering operating costs further down the line.

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