How a Lack of Data Quality Hurts Business
How a Lack of Data Quality Hurts Business
Many managers don’t trust their data to make important business decisions. Instead, they rely on “gut feelings.” Find out how IT execs can improve data quality.
Fleeting Faith
Just 44% of the data management professionals surveyed said they trust their organization’s data to make important business decisions.
Just a Hunch
52% said they rely on “gut feelings” to make decisions based on data.
Room for Improvement
Only 39% of the survey respondents said their organization is proactive regarding data quality, or is achieving optimized data quality.
Disjointed Process
Just 25% said their organization has centralized control of data quality with a single director, while 56% said there is some centralization, but many departments adopt their own data quality strategies.
Emerging Roles
51% of C-level executives surveyed said they plan to hire a chief data officer to support centralized data management, and 43% said they plan to hire data protection officers.
Tech-Driven
62% of the survey respondents said that IT has the most influence on the handling of data.
Biggest Business Drivers of Data Quality
Increased revenue: 50%,
Better customer service: 50%,
Reduced risk: 37%,
Enhanced marketing efforts: 35%,
New revenue streams: 35%
Consumer Focus
43% of the survey respondents said they need a single view of customers to increase retention and loyalty, and 40% said they need this to improve strategic decision making.
Improved Effort
33% said human error leads to a lack of customer contact data accuracy, but that’s down from 56% who said this a year ago.
Data Management Projects for Next Year
Data cleansing: 33%,
Data integration: 31%,
Data migration: 28%,
Data preparation: 26%,
Data enrichment: 26%
