Data decay (or data degradation) refers to the incremental aging of data. It is estimated that for B2B companies, data can decay as much as 23% per year.
Failure to update your data can result in strategic errors due to decisions being made on irrelevant data in a constantly changing environment. If you desire to use utilise analytics, data science or machine learning for your business, having up-to-date data is essential for making predictions and adjusting to market conditions.
Data decay can be both elusive and difficult to understand. Thankfully, at Data Valuation Partners, we have done extensive research on data decay, which includes the following:
-Â Data decay factors: Factors that influence data decay such as decay starting point, rate of decay and other industry-specific factors.
- Mathematical formulae: We have multiple ways of representing data decay mathematically based on decay risk factors.
- Prevention: We consult on how to reduce data decay both systemically and mechanistically.
- Impacts: Understanding more detailed impacts on data decay, from a data value, strategic and reputational perspective.
Data Quality is one of the most important factors in determining data value, and data decay is an important component of data quality that is often overlooked. If you want to learn more about data quality, decay and data value then please contact Data Valuation Partners .