How Bad Data Undermines Business Results
Email
-
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. -
Essential Information
84% of survey respondents say data serves as an integral part of a business strategy. -
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. -
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% -
Reporting Error
75% of survey respondents say inaccurate data undermines their ability to provide an excellent customer experience. -
Most Common Data Errors
Incomplete/missing data: 60%, Outdated information: 54%, Duplicated data: 51%, Inconsistent data: 37%, Typos: 30% -
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. -
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. -
Passive Approach
65% say their company waits until there are specific issues with data until teams address and fix them. -
Planned Data Management Projects over Next 12 Months
Data cleansing: 37%. Data integration: 37%, Data migration: 31% -
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 However, errors are constantly emerging due to incomplete and missing data, outdated information, inconsistencies and even typos, findings reveal.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.
Submit a Comment