Having launched its industry data platform Veracity in 2017, which now has 14,000 companies registered it is data quality that is the top is issue when it comes to utilising the data.
“Across all of the interactions in Veracity, we see the No.1 challenge is data quality,” Eriksen told the DNV GL Nor-Shipping media briefing.
“It is a little-known fact that the market for data quality dwarfs the market for big data. In other words, the collective cost of bad decisions made through bad data is many times the size of the insights gained from data mining,” he stated.
These issues are something that the classification society is trying to minimise. “That is why DNV GL is very focused on data quality, and why we have issued a recommended practice on data quality,” he said.
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