Pouring money down the drain… the cost of bad data

 Poor communication and poor data management cost the UK construction industry millions each year.

A 2015 survey conducted by KPMG found 69% of UK construction projects were over budget by more than 10%, often due to unforeseen events not identified when the initial planning and strategy took place.

Good data enables companies to maximise operational efforts, forecast and budget effectively, resolve challenging business problems, predict future trends and support business growth.

Data driven business decisions make or break companies. Companies that approach decision making collaboratively treat data as a real asset and reap the benefits both in terms of delivering quality and to their bottom line.

At DDC we understand the importance of good data which enables data driven decision making. We guide and support our clients with bespoke solutions and provide quality data which is accurate and relevant to support them in achieving their business objectives and resolving their challenges.

What is the real cost of bad data and what are the underlying risks?

• Inaccurate budgeting/increased cost to business/financial failure
• Re-work and additional resources required
• Poor performance and potential health and safety risks
• Missed deadlines
• Compromised/failed projects
• Dissatisfied clients, stakeholders, community and public
• Damage to reputation and loss of credibility
• Company failure

What can you do to ensure that your data is good?

Credibility of provider – choose a partner you can trust to deliver

Accuracy – make sure that the data is accurate and reliable

Relevancy – even if the data is of good quality, if it is not relevant to your needs and goals then it is of minimal use

Validity – make sure that data is in a format that supports your business software and processes

Consistency – ensure that if your data is held within different platforms that you have a single source of truth

Completeness – ensure that you obtain a sufficient amount of data to enable you to make holistic decisions

Timeliness – make sure that your data is real time

Everyone at DDC works incredibly hard to provide quality to our clients, we believe in setting the standard for high quality data and getting things right first time.

Contact one of our valued team members to learn more.