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Data drives all the major decisions in the world today. Every business relies on data to make daily strategic decisions. Every decision from attending to customer needs to gaining competitive advantage is made thanks to data.
As individuals we rely on data for even the most basic daily activities including navigation to and from work as well as for communicating with friends and family. But what happens when the data we rely on to make our daily decisions is bad? It can have a drastic impact on our lives whether it’s a small task like choosing where to eat, or deciding whether or not a candidate for a job is qualified to hire. Relying on bad data can also have a drastic impact on your bottom line.
Bad data is Costly
We know that bad data is costly, but just how costly can it be? IBM estimates that bad data costs the US economy roughly $3.1 trillion dollars each year. That’s a huge number. They also found that 1 in 3 business leaders don’t trust the information they use to make decisions. Not only do they not trust the data they are working with, but there is also a high level of …
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