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WHY BAD DATA HURTS
Financial institutions create and consume enormous amounts of data-about 50-100 petabytes of data per year. Market data vendors alone sold over $27B of feeds and prices to the industry. Yet for every dollar spent on data, a banker will spend four times that amount on administration, storage, retrieval, data quality checks, billing, distribution, formatting, etc. Imagine the thousands of people doing nothing more than data validation and reconciliation. Imagine further that the amount of data is doubling every three years. Unfortunately bad data quality is not solely a cost problem rather it also affects the ability for firms to make money for their investors and their customers.