Sean helps lead global market research and thought leadership programs for Experian’s data quality and management business. He is passionate about helping organizations of all sizes unlock the power of their information through better data management and data quality practices. Connect with Sean on Twitter: @sean_r_coombs
We’ve all heard the saying “you are what you eat” in reference to our morning donut and coffee. But did you ever consider that the same principle applies to your organization’s data collection processes? Much like the saturated fats from bad-for-you food that clog up your arteries, unchecked bad data can enter your database and compromise your ability to draw on that information in the future. That’s why it’s important to put measures in place to validate and correct bad data at every point of entry. Before your database has a cardiac event (and increases your stress levels), let’s talk about your data’s diet.
Deep in the heart of Texas, a consortium of professionals from the retail banking industry met last week for the seventh annual Consumer Bankers Association (CBA) LIVE conference. While a majority of the conference’s 1,400 attendees represent organizations across the financial services industry, they appear to share similar challenges, interests, and concerns. Specifically, keynotes and highly-attended track sessions focused on key themes, including what the current political climate means for regulatory bodies such as the Consumer Financial Protection Bureau (CFPB), how the relationship between banks and fintech companies is evolving, and how banks should be leveraging digital channels to create engaging customer experiences. Here are my three key takeaways from this year’s CBA LIVE conference:
The digital economy is coming, says IDC, and traditional organizations will need to adapt in order to stay relevant—and fast! This new economy, which is facilitated by technologies such as the cloud, artificial intelligence, the Internet of Things, and augmented and virtual reality, is rapidly changing the way business is done both here in the U.S. and abroad. According to IDC’s research, 33 percent of the current U.S. economy is digitized, and by 2020 (just three years away) they predict that 50 percent of the global 2,000 will see a majority of their businesses digitized.
At Experian Data Quality, we’re passionate about giving back to our community and building the next generation of leaders. On February 16, 2017, we did just that by hosting a fundraiser to support a local nonprofit, YouthBuild. The Boston-area organization helps low-income individuals reclaim their education and build the skills they need to thrive in employment. According to the organization, there are “at least 2.3 million low-income 16-24 year-olds in the United States who are not in education, employment, or training.” YouthBuild aims to service this population and help to unlock their potential.
When it comes to data management practices, government agencies today have their work cut out for them. As the breadth and volume of data entering organizations continue to grow, harnessing this information for strategic initiatives becomes increasingly elusive—even for the most advanced agencies. One such area where data is heavily relied upon is in the transportation sector, which is typically responsible for maintaining roadways and airways in addition to issuing permits for both residents and companies. As you can imagine, transportation departments have a lot of information that requires strong data management practices.
Do you consider yourself data driven? Do you use the data you have to make informed, strategic decisions? If so, you’re in good company. In fact, more than 80 percent of organizations believe that data is an integral part of forming their business strategy. With such an emphasis on making informed decisions, it’s really important to trust the data you’re working with. Right?
There’s a lot on the line when it comes to your data quality. From regulation to revenue, it can make or break your company. While organizations today talk a lot about making data-driven decisions, we find that many of them lack the confidence in the quality of their data necessary to drive new initiatives. Given that C-level executives believe that 33 percent of their organizations’ data is inaccurate, it’s easy to understand why. Do you fully trust your data to make important decisions?
Cyber security is a hot-button issue today. From allegations of election hacking to consumer credit card data being swiped from the nation’s largest retailers, one thing is certain: you can never be too secure with your handling of data. According to estimates by Juniper Research, cybercrime will costs businesses over $2 trillion by 2019.
Businesses today rely on tremendous amounts of data to do everything from improving their customers’ experience, to streamlining operations, to reducing risk to the organization. Data is everywhere, and countless individuals interact with it throughout its life cycle. While this provides an incredible opportunity, organizations need to ensure that the quality of that data is upheld to ensure that it is fit for purpose.
Does your business hope to leverage its data assets to make strategic decisions?
If the answer is “yes,” then you’re in good company. We recently surveyed 1,400 data professionals as part of our 2016 global data management benchmark report, and we found that 98 percent of these companies have a desire to turn their data into insight.
But many businesses are unsuccessful in actually getting it done, due to the vast amount of inaccurate information that lurks in their databases. We found that for 75 percent of respondents, inaccurate data actually undermined their ability to provide an excellent customer experience.