As we focus more on digital consumer engagements and are forced to move our digital transformation plans into overdrive, we are confronted more and more by the importance of data. Recent global events have changed the habits of consumers and are pushing more activities online, making data and data collection even more critical to business operations.
The latest global research study from Experian shows that over 80 percent of businesses believe data is one of their most valuable assets, which was the case even before the global pandemic. However, many organizations are struggling with data accuracy. On average, organizations believe about a third of their data is inaccurate. That lack of trusted information affects customer insight, operations, fulfillment, and more as companies compete heavily for wallet share.
To improve the quality of data, organizations require a multifaceted approach. They need to think about the processes, people, and technology around data. People are particularly important. We see from our research that organizations with a Chief Data Officer are more likely to have success in data management initiatives and also more likely to have data literacy projects, which encourage training for employees on how to read, work with, analyze, and form arguments with data. In fact, 84 percent of organizations as a core skill that all employees must have in the next five years.
Keeping in mind the changing usage of data and its importance, organizations can no longer rely on the technology of the past. The new users and expanded use of data means that organizations need to consider more aggressively ease of use as a core component of their new tooling. They also need to take into account reuse and leverage machine learning, which can help automate processes for users who may be less technical.
Last week, the 2020 Gartner Magic Quadrant for Data Quality Solutions was issued. The report provides an overview of players in the space and the key capabilities that organizations need in their tool portfolio, if they are to address the increasing importance and urgency of data quality.
At Experian, we believe in empowering business users to better understand their data assets in order to transform their businesses. We offer easy-to-implement, easy-to-use tools that are designed to help businesses maximize their data insight and build trust in their information. We want to encourage collaboration and better data insights across the organization.
We are proud to be named a Challenger once again in Gartner’s 2020 Magic Quadrant for Data Quality Solutions. We believe in the changing nature of the business and are working to challenge the status-quo in our industry and for our clients.
Gartner: Magic Quadrant for Data Quality Solutions, Melody Chien and Ankush Jain, July 27, 2020.
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