How a Lack of Data Quality Hurts Business

 
 
By Dennis McCafferty  |  Posted 03-20-2017 Email
 
 
 
 
 
 
 
 
 
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    How a Lack of Data Quality Hurts Business
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    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.
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    Fleeting Faith
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    Fleeting Faith

    Just 44% of the data management professionals surveyed said they trust their organization's data to make important business decisions.
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    Just a Hunch
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    Just a Hunch

    52% said they rely on "gut feelings" to make decisions based on data.
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    Room for Improvement
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    Room for Improvement

    Only 39% of the survey respondents said their organization is proactive regarding data quality, or is achieving optimized data quality.
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    Disjointed Process
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    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.
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    Emerging Roles
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    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.
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    Tech-Driven
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    Tech-Driven

    62% of the survey respondents said that IT has the most influence on the handling of data.
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    Biggest Business Drivers of Data Quality
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    Biggest Business Drivers of Data Quality

    Increased revenue: 50%, Better customer service: 50%, Reduced risk: 37%, Enhanced marketing efforts: 35%, New revenue streams: 35%
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    Consumer Focus
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    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.
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    Improved Effort
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    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.
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    Data Management Projects for Next Year
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    Data Management Projects for Next Year

    Data cleansing: 33%, Data integration: 31%, Data migration: 28%, Data preparation: 26%, Data enrichment: 26%
 

Only a minority of IT and business professionals said they trust their organization's data to make key business decisions, according to a recent survey from Experian Data Quality. The accompanying "2017 Global Data Management Benchmark Report" reveals that most survey respondents said they're forced to rely on "gut feelings" to make important decisions about data. Data quality remains critical here, but relatively few organizations take a proactive approach to address this need, much less achieve optimized results. It doesn't help that few companies have completely centralized data quality control through a single director. To address these issues—and boost sales and customer loyalty in the process—organizations are starting to hire chief data officers and take on major data cleansing projects. "As organizations strive to call themselves 'data driven,' the need for increased governance and data management practices will become even more important," according to the report. "At the forefront of priorities this year, increasing revenue and better serving customers emerge as the two key areas where data will play a major role. To achieve these aims, establishing a foundational level of trust in this data will be a necessary prerequisite." An estimated 1,400 data management professionals and managers took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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