Content Data ROI Issues

Companies are incurring large costs for "bad data" on an unprecedented scale across various parts of their operations. And one of the most common causes is existing data that is "out-of-sync". In other words, pieces of information related to the same product or service differ between supply chain partners or between systems within the same company.

According to a report prepared by industry consultants A.T. Kearney, bad data leads to a host of corporate problems.

Companies lose approximately $40 billion, or 3.5% of sales, each year because of supply chain information inefficiencies.
Nearly 30% of the item data in catalogs used by retailers and manufacturers is incorrect. Correcting those errors costs between $60 and $80 each.
Nearly 30% of the item data in catalogs used by retailers and manufacturers is incorrect. Correcting those errors costs between $60 and $80 each.
Companies spend an average of 25 minutes per SKU per year manually cleansing out-of-sync item information.
Nearly 60% of all invoices generated have errors; each invoice error costs enterprises from $40 to $400 to reconcile.
43% of all invoices result in some form of deduction.
New product rollouts take an average of four weeks-in large part because of inefficient and error-prone approaches for exchanging and updating new item attributes in buyer and seller systems.

Inaccurate data drives exceptions to normal processes. These exceptions, in turn, require manual intervention to investigate and reconcile them-activities that drive up costs through lost time and lowered productivity.

Even worse, if the information or the process is never cleaned, the problem will continue to grow, costing the company more and more every year.