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The True Cost of Poor Data Quality
Imagine you own or are responsible for a business whose success and future is tied to data in some form. Your highest priority would be to employ intelligent, productive data analysts to help you glean as much insight as possible into the data your business uses to make important decisions that grow your business
Now, imagine that your team of analysts spent half of their time or more every week not actually analyzing data. What insights are you missing out on? What opportunities are taking longer to spot, if they’re being identified at all? How much money would your company be missing out on by overpaying your analysts while they spend 20 hours a week performing menial, non-essential tasks?
These are the kinds of questions that keep the top leaders of many companies up at night. And, to the detriment of their business, more leader and data professionals are losing time and money while performing these tasks than we may realize.
Your Data Professionals Are Wasting Their Time (And Your Money)
Incredibly, a recent study from the Digital Analytics Association suggests that the above scenario is playing out within a sizeable portion of organizations. According to responses of over 800 data professionals, 37.5% of respondents say they spend 20 hours or more addressing and preparing data for analysis, rather actually performing analysis.
Many survey respondents say that access to data is one of their top two challenges when it comes to performing analysis. More than half of respondents (56.9%) said that it takes days or even weeks to access all the data they need in order to do adequately do their jobs. More astoundingly, 9.8% of analysts say they can rarely or never access the data sources they need to in order to perform their duties.
Data Quality is a Major Concern
Right alongside data access as a cause for concern among data professionals is data quality. 26.7% of respondents cited inaccurate data as one of their top two challenges in their roles. Addressing these data governance issues is a top priority for 32% of respondents, showing that of the myriad of challenges data professionals face, getting a data quality process in place is key to their plans for success.
Implementing a data quality process could be one of the most cost-effective efforts for organizations trying to get their analysts back to what they do best; analyzing data.
For more on this survey, be sure to check out this article by Markets Insider.
Derek is Co-founder and CEO of Naveego, Inc. His belief that leading-edge analytics should be in reach for everyone led to the development of the Naveego business intelligence platform. Naveego brings all of a business’ data together, visually and in real time, with an end-to-end solution that includes a built-in data warehouse, dashboards, analytics and reports.