Data is at the heart of every organization, and data migration projects are important undertakings for many businesses as they strive to keep up with the pace of technological advancement. Data migrations to more updated systems underpin the success of many strategic initiatives. While 35 percent of organizations have a data migration project planned for this year, a staggering 80 percent of all data migrations fail!
Despite the fact that the importance of data is widely recognized among company executives, there is a gap between this recognition and the number of organizations that are leveraging data to empower business decisions. To close this gap, organizations are investing in data management practices to establish trust and control of their data.
We've used this analogy many times here at Experian Data Quality, but that's only because it makes a lot of sense when referencing data standardization. What analogy am I talking about? The one where we discuss how a robust data management strategy relies on a methodical, step-by-step approach—much like how you'd approach building a house.
Data quality can be boring. Yes, I said it. And this comes from someone who has worked in the data quality space for more than 20 years. When I’m at a social gathering, I dread the inevitable “so what do you do?” question. My short answer is usually “boring computer stuff.” Heaven forbid they try to dig deeper! Then it becomes this awkward explanation about reducing the amount of junk mail they get or some pseudo-relatable data activity, and then watching their eyes begin to glaze over. At the end of the day, I use my tried-and-tested conversation changer, “enough about me, what about you?” I double majored in Computer Science and Psychology, and while Computer Science ultimately provided the foundation of my career, I’ve found that the psychology background is often more valuable for dealing with people and sticky situations.
An effective data management strategy is good for your business. As organizations today rely on their data to help drive business initiatives, the quality of that information is growing increasingly important. But you probably already knew that. It turns out that data professionals spend a lot of time talking about data in terms of its accuracy and a lot less time talking about its accessibility and readiness. While the importance of accurate data is undeniable, organizations should understand that having accurate data is only a benefit if you can access that information when it’s needed.
I don’t think it’s a surprise to anyone that businesses are making their most important decisions off the back of the data available to them. Within the past year, we have conducted some market research about the role of the Chief Data Officer (CDO) and data management trends and the results indicate that organizations are truly considering their data an asset. One of the most prominent responsibilities of the CDO is transforming data into a business growth opportunity. We also have seen more and more data operations and analytics roles popping up in the market to address the issue of getting accurate and complete data back to management in a timely manner.
In the Spring of 2017, Experian Data Quality launched our first Customer Success team under the leadership of Mary Conway. With five members already, the team is off to a strong start. Accounts have begun to be distributed to the Customer Success Managers (CSM) based on varied criteria, CSMs have met with the Account Managers aligned with the accounts, and a survey has gone out to our customers to gauge the current health of our customer relationships.