According to PriceWaterhouseCoopers (PwC), 75% of business executives in the US, the UK and Australia have experienced significant problems due to data quality issues. Both traditional and e-business firms -- 58% and 57%, respectively -- say the biggest problem
resulting from poor data management has been the extra costs necessary to prepare reconciliation procedures.
Still, nearly 60% of 600 executives from companies in the three countries say that investment in data management has cut their overall processing costs. In fact, 35% of traditional firms and 43% of e-businesses report that sales have increased because of better production techniques.
PwC found that a high percentage of executives (63% of traditional firms and 67% of e-business firms) believe that the most beneficial element of good data strategy is the establishment of privacy and security compliance standards.
A majority of executives in the three regions believe that senior management is not placing enough importance on data management. eBusinesses feel more strongly about the matter: 76% say that not enough importance is placed on the issues while 56% of traditional firm executives agree.
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