CIOs Declare War on Dirty Data

 
 
By Dennis McCafferty  |  Posted 11-17-2015 Email
 
 
 
 
 
 
 
 
 
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    CIOs Declare War on Dirty Data
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    CIOs Declare War on Dirty Data

    Inaccurate data, also called dirt data, can muddle a business’ view of its customers and processes, and better data management is needed to address the challenge.
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    Pain Point
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    Pain Point

    92% of CIOs have experienced problems as a result of poor data quality.
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    Costly Mistakes
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    Costly Mistakes

    Organizations have spent, on average, $491,279 to improve inaccurate data over the past year.
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    Reversal of Fortune
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    Reversal of Fortune

    68% of CIOs now describe the quality of their organization's data as "excellent, with no room for improvement," in light of improvements made.
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    Actionable Asset
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    Actionable Asset

    54% now view their data quality as a strategic asset to the business, and 25% say they see the potential to monetize high quality data in the future.
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    Data Management Challenges, Part I
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    Data Management Challenges, Part I

    46% say data-quality issue resolution remains a top data management challenge, and 38% struggle with the increasing volume of data.
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    Data Management Challenges, Part II
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    Data Management Challenges, Part II

    37% indicate that the increasing variety of data presents significant data management challenges, while 36% cite workflow tracking.
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    Heavy Plate: Fiscal Responsibilities
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    Heavy Plate: Fiscal Responsibilities

    74% say their overall duties related to IT budgeting have increased within the last 12 months, and 54% say they're devoting more time to salary matters these days.
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    Heavy Plate: Clock Management
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    Heavy Plate: Clock Management

    53% say they're putting in more working hours than they did a year ago, and 46% are feeling more personal stress while on the job.
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    Heavy Plate: Information Overload
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    Heavy Plate: Information Overload

    51% say their data management role has increased within the last 12 months, with 48% feeling more pressure to deliver higher quality data to the business side. Nearly half feel more pressure to provide this data faster to business teams.
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    Critical Contributor
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    Critical Contributor

    49% say they feel the value that they bring to their organization has increased over the last year.
 

A majority of CIOs are concluding that it's time to dispense with dirty data once and for all: Within the last year, organizations have spent nearly half a million dollars to correct inaccurate data, according to a recent survey from Experian Data Quality. The accompanying report, titled "The Role of the CIO in Data Management," indicates that most CIOs are extremely pleased with their company's quality of data after improvements are made. As a result, they feel confident that they can transform this wealth of digital information into actionable assets for business. However, given the demands here—not to mention the abundance of other duties that CIOs take on—organizations should carefully consider hiring a chief data officer who can oversee it all in a cohesive manner. "Data is of such critical importance to organizations that they can no longer manage it in siloed, one-off approaches that are based on individual departmental needs," according to the report. "Data needs to be managed by a central owner within the business …To meet the increasing demands of consumers, businesses have to improve the people, processes and technology around data management across their organization. They need to eliminate silos and accurately assess data challenges." More than 250 U.S. CIOs took part in the study, which was conducted by Loudhouse Research.

 
 
 
 
 

 
 
 
 
 
 

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