In an article recently published in Database Trends and Applications data scientist Eliot Knudsen outlines a serious problem plaguing the Global 2000, the “Enterprise Data Debt Crisis.” Knudsen explains:
“Large enterprises are facing a debt crisis. Not financial debt, but ‘data debt.’ It’s a form of technical debt, and it can hamstring an organization’s capacity to tackle new challenges and stifle its ability to innovate. The problem is pervasive.
A recent article in Harvard Business Review showed that only a shocking 3% of companies’ data met basic quality standards. For years, software development teams have understood and reckoned with the future work created by making short-term tradeoffs to ship their code faster, and now IT organizations are realizing they have created massive amounts of remediation work for themselves due to decades of deprioritizing data management.”