How Bad Data Undermines Business Results

 
 
By Dennis McCafferty  |  Posted 02-10-2016 Email
 
 
 
 
 
 
 
 
 
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    How Bad Data Undermines Business Results
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    How Bad Data Undermines Business Results

    Inaccurate data inhibits a company’s ability to provide an exceptional customer experience—and something as simple as a typo can have major consequences.
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    Essential Information
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    Essential Information

    84% of survey respondents say data serves as an integral part of a business strategy.
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    Working Plan
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    Working Plan

    55% say their organization has a big data strategy in place to analyze large sets of data, and 33% say their company plans to introduce one within the next 12 months.
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    Biggest Reasons for Maintaining a High Quality Data Strategy
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    Biggest Reasons for Maintaining a High Quality Data Strategy

    Increased efficiencies: 56%, Enhanced customer/user satisfaction: 41%, More informed decisions: 39%, Greater cost savings: 39%, Better protection of organization's reputation/brand: 34%
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    Reporting Error
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    Reporting Error

    75% of survey respondents say inaccurate data undermines their ability to provide an excellent customer experience.
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    Most Common Data Errors
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    Most Common Data Errors

    Incomplete/missing data: 60%, Outdated information: 54%, Duplicated data: 51%, Inconsistent data: 37%, Typos: 30%
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    Cause and Effect, Part I
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    Cause and Effect, Part I

    56% of survey respondents say human error accounts for one of the top causes of inaccurate data, while 31% cite a lack of internal, manual resources.
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    Cause and Effect, Part II
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    Cause and Effect, Part II

    28% say inadequate data strategies account for one of the top causes of inaccurate data, while 27% cite a lack of current, relevant technology capabilities.
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    Passive Approach
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    Passive Approach

    65% say their company waits until there are specific issues with data until teams address and fix them.
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    Planned Data Management Projects over Next 12 Months
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    Planned Data Management Projects over Next 12 Months

    Data cleansing: 37%. Data integration: 37%, Data migration: 31%
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    Expect the Unexpected
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    Expect the Unexpected

    79% of survey respondents say it is difficult to predict when and where the next data challenge will emerge.
 

While most tech and business execs feel that data plays an essential role in their strategic initiatives, the majority of those surveyed believe that the presence of inaccurate data is hurting their ability to provide optimal customer experiences, according to a recent survey from Experian Data Quality. The resulting "2016 Global Data Management Benchmark Report" indicates that quality data is required to increase organizational efficiencies, enhance customer satisfaction and make more informed decisions. However, errors are constantly emerging due to incomplete and missing data, outdated information, inconsistencies and even typos, findings reveal. Given that human error often leads to these mistakes, CIOs and their tech teams should focus on acquiring IT solutions that help teams overcome such potential pitfalls. "Continuing to rely on manual processes to cleanse, validate, profile and enrich data is not going to cut it in today's fast-paced business environment," according to the report. "The ability to use high-quality data to make critical business decisions and improve your bottom line should be a huge focus in the coming months. Data is your organization's most valuable asset, so put the right people, processes and technologies in place to help ensure it is fit for purpose." More than 1,400 global IT, data management, marketing and other professionals took part in the research, which was conducted by Loudhouse.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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