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The Cost of Bad Data is the Illusion of Knowledge. Each time I open Salesforce in my browser, I think of Stephen Hawking. Itâs because of an aphorism an entrepreneur shared with me a few weeks ago. The cost to fix a data error at the time of entry is $1. The cost to fix it an hour after itâs been entered is $10. And the cost to fix it several months later is $100+. Take for example a venture capitalistâs CRM tool.
Click to learn more about author Ramesh Dontha. Weâve all heard of the many horrors of poor Data Quality. Companies with millions of records with â(000)000-0000â as customer contact numbers, â99/99/99â as date of purchase, 12 different gender values, shipping addresses with no state information etc. The cost of âdirty dataâ to enterprise and organizations is real. For example, the US Postal Service estimated that it spent $1.5 Billion in processing undeliverable mail in 2013 because of bad data. The sources of poor Data Quality can be many but can be broadly categorized into data entry, data processing, data integration, data conversion, and stale data (over time).