IT contractors cannot rely on receiving accurate and relevant information without efficient data storage, according to an independent IT group.

Fragmentation of IT infrastructure can prevent senior management from getting a reliable answer to a simple question, according to the International Association for Information and Data Quality (IAIDQ).

A recent study from information solutions provider Datatics found that company mergers and differently formatted source information from suppliers are some of the causes of a reduction in data quality.

Mr O Brien added that financial institutions are now looking at how they can improve their storage systems, which could lead to a boost in jobs for IT contractors.

"Information quality, data governance and information management are now on the table and many financial services companies are looking to revise their solutions in this area," Mr O Brien added.

More than three-quarters of top financial services firms plan to increase their spending on tackling poor data quality, according to a survey conducted by independent research firm Lepus.