PracticeConsultingPoor data management costs UK plc

Poor data management costs UK plc

Poor data management is costing UK businesses over £1bn a year, according to a new study by PricewaterhouseCoopers. The Global Data Management Survey 2001 shows that 75% of companies had experienced significant problems as a result of faulty data, while up to a third had been forced to delay or scrap new systems.

The survey of 600 chief information officers and IT directors reveals that, over the last two years, seven out of 10 companies have become increasingly reliant on electronic data to make company decisions and implement processes.

This has created complacency regarding data management issues, as less than 50% of companies polled have complete confidence in their own data, and less than a fifth have confidence in the data passed to them by other companies.

Henry Kenyon, data management partner at PwC and co-author of the report, said: “90% of the companies we spoke to expected their reliance on automated decision-making to increase over the next two years but there was little sign of increased board-level scrutiny of the quality of data.” He added: “We believe that data management is being addressed at the wrong level, in the wrong place and in the wrong way – to continue to do so represents not only a danger but a massive lost opportunity for UK organisations.”

The study also found that a third of businesses fail to bill or collect receivables as a result of poor data management and only four out of 10 businesses have a documented, board approved data strategy.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer