"How Non-Quality Data Can Cost Money"

When viewed from a high level, the cost of poor quality data can affect a company's bottom-line in two ways. First, there's the cost of scrap and rework, and second, missed opportunities.

An example of scrap and rework costs might be when an agent errs in recording a customer's address details, and consequently a marketing premium is sent to the wrong address.

Later, the customer calls to complain.
The complaint needs to be handled (extra call center time), the address details then need to be entered a second time (rework), and a second premium needs to be sent.
The initial premium is scrapped.
An example of missed opportunity costs might be a credit card that is not granted because the calculated credit score (erroneously) falls below the cutoff score, and the customer is rejected.
The opportunity to make a sale is lost, when marketing costs were already incurred.

In this whitepaper, I attempt to supply a comprehensive list of potential data quality costs.

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