A full 85% of US organizations are increasing their focus on data experience to become more data-driven as a business. This is per a report [download page] from Experian that examines how organizations are approaching data management and what makes for a great data experience.
The survey of more than 500 representatives, including C-suite executives, directors and managers from US organizations across industries, found that 86% believe that investing in data management directly impacts their business growth. And, it turns out that 9 in 10 (92%) have put their money where their mouth is and invested in data management in the last 12 months, with 56% investing heavily.
In order to become more mature in data management, respondents have prioritized technology (67%), skills (54%), strategy (52%), process (47%) and culture (35%). When it comes to technology, many organizations are already investing in data quality tools and technologies (60%) and integrated data management technology (57%). About half (52%) are also hiring specialist data roles, while 46% are implementing data literacy programs.
More than half (54%) are currently investing in improving the data experience for users. And, when asked what a great data experience would look like in an organization, respondents cited data management tools that are easy to use (55%), high levels of trust in the quality of data (51%), data visualization tools to enable insights to be easily communicated (50%), tools and tech that is fully integrated in order to remove data silos (47%) and agile and flexible access that can be scaled as needed (45%).
Unfortunately, research from Ascend2 and its Research partners shows that some of these same factors, including data quality, are also challenges marketers face when trying to unify and manage data.
So, is the increased investment in data management paying off? In many areas, the report indicates it has. Almost half of the respondents report that the increased investment has had a significant impact on decision making (48%) and customer experiences (46%). Others report that it has significantly impacted operational efficiency (44%), cost savings (41%) and innovation (40%). However, although customer acquisition remains a top marketing priority, only one-third claim that the increased investment in data management has had a significant impact on this area.
Finally, more than 9 in 10 (94% of) respondents agree that the quality of contact data has become more important over the last year, with email data (67%), identity data (57%), phone data (57%) and address data (46%) becoming more important during this time.
The full report can be found here.
About the Data: Findings are based on a May survey of more than 500 people within US organizations across industries. The roles surveyed include C-suite executives, directors and managers in departments including IT, data, operations, finance and customer service.