Cost of Poor Quality (COPQ) of Data:
When I read this acronym the first time, I was a bit confused. How can Data be of poor quality? And how even if there is some impact, it would not be significant. However when I started doing a bit of research the numbers were staggering. In the US alone, the COPQ of Data every year is close to 3.1 trillion dollars on the overall economy. Now One trillion is 1000 Billions and One billion is 1000 millions (for those who are not too familiar). For US businesses the COPQ of data is about $610 Billions.
Do you know only about 4 countries in the world have GDP bigger than that number? Can you imagine how much productivity is lost just because of Quality of data?
We are talking about the impact of Data that is already collected and that too in one of world’s most advance countries. Where the Government and Businesses are already spending Billions of dollars on technology.
Now imagine the COPQ of Data in the Emerging and Developing Countries and more importantly cost of No Data at all!!! That should be mind boggling.
Put in other words, if somehow Governments and Businesses can ensure 1) Data is captured 2) It is clean, clear and consistent, then the benefits could be tremendous on the overall economy.
Imagine the amount of savings, productivity improvements which would in turn benefit the businesses and which would directly impact the income levels and the overall employment generation. Even if we are talking about 1% improvement, that would probably change the world to being significantly better place than what we have today.
Is it possible? Definitely yes. Recent developments in technology, telecom industries have made this possible. Would you like to know how your Business can benefit?
Reach out to us at firstname.lastname@example.org
PS: All the numbers are taken from Google search. You can easily find these numbers.
This Article is Written and Published by
Founder & CEO CashOS
Date: 12th February 2019