Data-Related Issues Costing Majority of
Enterprises More than $5M Annually According
to Forbes Insights Study on Information
April 13, 2010 09:33 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Data-related problems may be costing large enterprise companies
($500M+) in excess of $5 million annually, according to a new study about information management released today
by Forbes Insights. While these firms agree on the value of ensuring that accurate and trusted information is available
throughout their organizations, they may be stymied in their ability to make the case for initiatives that improve the
quality and accessibility of their data.
The new report, “Managing Information in the Enterprise: Perspectives for Business Leaders,” examines the
challenges faced by both information technology (IT) and line-of-business executives in their quest for better data
management. Based on a global survey of more than 200 high-level executives, the study also found a disturbing
divergence between business and IT leaders on how to best manage information, including a lack of agreement over
who within the enterprise actually “owns” the data—users or IT.
The study is available at www.forbes.com/forbesinsights.
“Clearly the world’s largest companies are paying a price for inconsistent or flawed data,” said Stuart Feil, editorial
director of Forbes Insights. “More than half of the survey respondents said the hit to their balance sheet is more than
$5 million annually. And 18% estimated the yearly cost of data problems to be more than $20 million.”
“Businesses must take action if they hope to leverage data as a strategic asset,” said Byron Banks, vice president of
Enterprise Information Management, SAP AG, which sponsored the study. “This is not an initiative that can simply
be delegated to IT—it needs to be supported and advanced at the highest levels of the enterprise. By combining the
right solutions with proven methodologies, IT and line-of-business stakeholders ca