One of the hallmarks of a data-driven organization is trust in the quality of data. Having confidence in data quality can translate into confidence in business growth, as 91% of leaders surveyed by Experian [download page] report that data quality investments have positively impacted business growth.
Marketers have had some difficulties ensuring high-quality data necessary to make good decisions, and Experian’s research likewise finds that 92% of business leaders have had challenges maintaining good quality data. The top issue faced by businesses is a lack of data quality monitoring, followed closely by the volume of data or number of databases, and significant data duplication.
To combat these challenges, businesses will be investing in technology to improve data quality. Given that monitoring is the biggest challenge that respondents are facing, it’s not surprising that the leading tools sought to scale and innovate data quality initiatives feature regular monitoring, reporting, and visualization (as cited by 55%). Half (50%) of respondents also want easy to use tools for business users (non-technical roles), while close to half (45%) want solutions that integrate data quality capabilities into applications.
One area highlighted in the report is automation: 85% of respondents say that they need to automate their data quality activities in order to deal with talent shortages, a need to reduce effort, and to speed up analysis. Leaders expect a variety of benefits through data quality automation, including business resilience, an improved customer experience, and better customer retention.
In other findings from the report:
- Online applications and form-fills are the top ways by which businesses are collecting contact data.
- Some 94% of respondents say that poor quality data impacts their organization, including by wasting resources or additional costs and by damaging the reliability of analytics.
- Almost 9 in 10 (87%) say that improving the quality of their contact data is a priority this year.
- 9 in 10 report that improving data quality has had a positive impact on the customer experience. Separate research has found that data-driven marketing is most useful for the customer experience.
About the Data: The results 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.