One Thing Everyone Misses in Data Science & Analytics
6 min readJun 12, 2023
Believe me, it’s not your hard or soft skills. It goes way deeper into history…
The current state of data can be attributed to a complex and extensive historical background.
Intro
Did you know that…
- 92% of organizations reported that they have experienced negative effects from incorrect or incomplete data. This means wasted resources, increased customer dissatisfaction, lost business opportunities… (Source: Experian)
- Poor data quality is estimated to cost businesses an average of an astonishing $15 MILLION annually. This cost includes lost revenue, decreased productivity, and additional expenses for data cleansing and remediation. (Source: Gartner)
- IBM estimates that poor data quality costs the US economy over $3 TRILLION per year. (Source: IBM)
- The Harvard Business Review found that companies that prioritize data quality have seen an increase in revenue of up to 70%. Direct correlation between high-quality data and financial performance. (Source: Harvard Business Review)
- 64% of senior executives believed that data errors have prevented them from fully utilizing analytics tools and achieving their desired outcomes. This highlights once again the importance of data quality…