Ninety-five percent of organizations see impacts in their organization from poor data quality. This statistic is just one of many findings that our annual 2019 Global data management research report unearthed.
Bad customer data can be likened to a bad social media gaffe where a brand gets something wrong and all hell breaks loose. The immediacy is felt and negative brand equity is generated. But typical to Twitter, it is instantaneous—and in most cases, the outrage is short-lived. Often, it’s because a business isn’t quite aware of what audiences it is catering to and what they may or may not be interested in hearing.
Digital transformation is the modern-day Gold Rush. To reach new markets and grow revenue, business leaders across industries are flocking to embrace new technology and digital processes. And it’s no wonder why! The digital economy offers a myriad of benefits to businesses and consumers alike. While consumers can expect mobile-optimized and personalized experiences, businesses will appreciate having better insight for decision-making and product innovation. However, digital transformation also brings its own set of challenges, from external regulatory hurdles to internal technology limitations.
Cleaning your house is always a good idea. I especially love to clean on rainy days, like the one we’re having in Boston today. It gives you the chance to get rid of and organize all that clutter. Taking the opportunity to enhance your space by getting rid of the junk and allowing the important details to shine will bring a sense of clarity. The same goes for your data! Every data set could use a little sprucing up. Rather than waiting for a rainy day, it’s even better to give your data a regular dose of cleansing. After cleaning up the data in your system, you are open to a whole new world of cost savings and enhanced customer experience.
This year’s AAMVA International Conference (AIC) was held in the “City of Brotherly Love”—Philadelphia, Pennsylvania. As it does each year, the AIC attracted representatives from across the North America who work in the public sector, particularly those that work in the motor vehicle space. The conference, which ran from August 21 – 23, covered many of the most pressing topics currently facing those in the motor vehicle space. There is a major emphasis on improving the customer experience and reducing wait times at department of motor vehicle branches in regions across America. One of the major areas of emphasis comes around the regulations for REAL ID.
Across nearly every industry, data has become a key driver for critical business initiatives. At the same time, data will only add value to your business when it is trustworthy and actionable. That means there should be a robust and reliable data quality management strategy in place that aligns with the needs of your entire organization. The best way to justify the need for investing in a data quality management strategy is to identify the areas in which it will benefit the business as a whole. Here are the top four reasons to invest in data quality management.
In the ever-increasing pace of today’s business environment, everyone is looking for ways to maximize the outcomes of their efforts and create more efficient processes. And more and more, organizations are looking to data to be the fuel that accelerates their business. According to our 2018 global data management benchmark report, 99 percent of businesses believe being data-driven gives their organization a competitive advantage. They believe that advantage includes better insight for decision making (57%), more efficient business practices (57%), and better customer relationships (56%). The thing is, though, that being data-driven only provides these benefits when the data driving the strategy is high-quality and accurate.
Business leaders today are using data to power all sorts of initiatives, from uncovering revenue opportunities to complying with regulations. More and more, data is becoming a mission-critical asset that many argue should be tracked on a balance sheet. In fact, nearly all of the C-level executives in our 2018 global data management benchmark report (95%) believe that data is an integral part of forming their business strategy—a sentiment that has increased by 15 percent over the prior year.
When a foundation of quality data underpins your business initiatives it has the potential to positively transform your organization. However, a lack of trustworthy data can prevent your organization from maximizing the value of this asset. That’s why it’s essential to ensure that you have strong operational data quality at the foundation of your business. With the right processes and technology in place, you can achieve a trusted data source. If you are struggling to achieve the high-quality data you need, don’t fret! Here are our top 3 tips for maintaining data quality:
Last week, I had the privilege of attending the 2018 MIT CDOIQ Symposium in Cambridge, Mass. The event brings together data practitioners and business leaders from a variety of sector to advance the professional development of Chief Data Officers. Throughout the three days of workshops and classroom-style lectures, attendees were treated to a rich agenda with topics ranging from regulation to artificial intelligence. While I wish I could have attended all of the sessions, I wanted to share some common themes from the workshops I did attend.