Companies everywhere are realizing the importance of data quality, and they're showing a willingness to spend on it. By putting more money into quality assurance solutions, businesses can clean up their databases, reduce the risk of malfunctions down the road and ultimately achieve better results in marketing, sales and customer service.
According to a recent forecast from analysts at TechNavio, the global market for data quality tools is expected to balloon at a compound annual growth rate of 16.78 percent between now and 2016. The firm examined market factors in three major world regions - the Americas, Asia-Pacific and Europe/Middle East/Africa - and found that the increasing global attention to data quality is undeniable.
One major reason that companies are spending more on data quality tools is the need for greater productivity. Simply put, having accurate data helps companies achieve more. They can improve their marketing strategies, sell to the right people in the right places and also provide more accurate customer service. If businesses have incorrect addresses for their prized customers, they're going to waste time and money following dead ends.
Data quality software may require time and money to get up and running, but in the long run, it will more than pay for itself. Better data leads to better work.
Better software tools
Another driving factor is the fact that software tools for data quality are becoming more effective by the day. A big reason for this is the rise of software as a service. Thanks to the highly efficient state of SaaS today, companies can put their data online for easy access and sharing. Now that software engineers are designing high-tech solutions for data quality that tap into this cloud capability, it's easier than ever to focus on accurate data.
Potential challenges ahead
That's not to say there won't be challenges for the data quality software industry in the years ahead. ResearchMoz recently noted one of them: the difficulty of implementing such solutions. Improvement lies ahead on this front, though. As the market continues to grow, the rise in IT expertise worldwide will give more companies the tech know-how needed to handle these solutions.
Experian Data Quality was noted as one of the world's leaders in data quality tools. By continuing to offer state-of-the-art solutions, the company will consistently keep up with all the growth that the industry is enjoying worldwide.