Some 7 in 10 business leaders report that their response to the pandemic would have been aided by better data insights. This is per a report [download page] from Experian that not only looks at the impact data quality has on businesses, but also their data management priorities for the coming year.
The survey of more than 700 business leaders from the US, UK and Brazil found that close to two-thirds (63%) feel that the overall quality of data in their organization has improved in the last 12 months. This would be refreshing news considering the benefits of quality data, however, more than half (55%) of the respondents lack trust in their data assets, which is impeding their ability to be fully data-driven.
Poor quality data can have a negative impact on organizations. According to respondents, it can result in wasted resources and additional costs (40%), damage the reliability of analytics (36%) and negatively impact the organization’s reputation and customer trust (32%).
Another 3 in 10 (29%) also say that poor quality data compromises their business agility — something that 6 in 10 (62%) say hurts their response to changing business needs.
For three-quarters (77%) of respondents, an investment in data management initiatives today will better enable them to make it through the next crisis. As such, in the next 6-12 months, business leaders are making data management initiatives such as improving data quality (51%), implementing or improving data governance (47%), moving data to the cloud (46%) and automating data processes (46%) significant priorities. And, with data security being a business priority for close to half (46%) of respondents this year, some 44% are also setting implementing changes around data privacy regulations as a top priority.
Altruistic Use of Data
Events of the past year and their lasting impact on the economy and society have opened the eyes of many business leaders. Indeed, a full 77% of respondents say that owing to the pandemic, they are eager to use their data in some way for societal good.
This use of “data for good” comes in the form of increasing collaboration with other organizations to better support those in need (37%), sharing data talent to develop or deliver data products for societal good (35%), providing data training, tools or opportunities to those who have lost employment due to COVID-19 (31%), allowing data staff time to spend on voluntary projects (including applying big data to real-world problems, 29%), sharing data with non-profit organizations or government agencies (27%) and providing data tools or methodologies for free or a subsidized amount for non-profit organizations or government agencies (27%).
The full report can be downloaded here.
About the Data: Results are based on a survey of more than 700 C-suite executives, directors and managers sitting in departments including IT, data, operations, finance, customer service and more. Respondents were from 3 countries: the US, the UK and Brazil.