Study shows CFO stressed over Poor Data Quality

An IDC study called ‘Understanding Data Quality Needs And Practices In Asia Pacific’ shows that a majority of Finance Executives admitted to facing stress due to Poor Data Quality in their decision making.  22 percent found it highly or quite stressful.

Another interesting aspect of the study is that 30 percent of the respondents spent 8 hours per week or more verifying the accuracy and quality of their data.  That is 20% of the scheduled work time.  If a CFO earns 500.000 DKK a year, that means Bad Data Quality cost 100.000 DKK just on the salary budget for the CFO.

Ian Parker, Product & Solutions Marketing Manager, Business Objects Asia Pacific & Japan says: “Instead of being an asset for finance, the data becomes a major source of angst and frustration, wasting resources, money, and contributing to poor decision making. The report shows that on average across the region, only 60 percent of respondents considered the purchase of a data quality software tool to solve their problem, despite wasting 100-300 hours of their finance executives’ time each year on the issue. One can argue that there are plenty of hidden costs when it comes to data quality and that CFOs should examine how this is affecting their organisation.”

I find this a little disturbing when you can find efficient and inexpensive high quality Software to help lower your stress and get better data.

You can read more about the survey here.

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