Data is playing an ever increasing part in our lives and this trend is expected to continue in 2015. The concepts of big data and data-driven insight certainly aren’t going away any time soon. With that in mind, there are five insights from a recent Experian Data Quality study that you should keep in mind this year.
1. Sixty-two percent of U.S. organizations lack a coherent, centralized approach to data quality
We all want better insights from our data, but most businesses are struggling to achieve this. A big reason is that organizations lack a solid data management strategy that allows them to have consolidate, accurate and accessible data. Businesses need to turn around this trend and promote a more central data management strategy to actually be data-driven in 2015.
2. On average, U.S. companies believe 32 percent of their data is inaccurate
With a third of data believed to be inaccurate, it can be very challenging to place trust in insights gained from first party data. Data is one of an organization’s most valuable assets. Start to treat it like one and put practices in place to ensure the accuracy of information in a proactive way.
3. Ninety percent of U.S. companies have some sort of data quality strategy in place today
Most companies are trying to manage their data, but we are still seeing a high degree of inaccurate information. The majority of strategies today are departmentalized and may only manage one type of data. Take your data management strategy to the next level by investing in the right type of data quality improvements. Focus on centralized people, processes and technology that can really make a difference across your organization.
4. Eighty-nine percent of U.S. companies plan to make data quality solutions a priority in the next 12 months
Data quality investment is certainly a priority in 2015. We see that 95 percent of organizations want to be data-driven for a variety of customer insight and investment decisions. To ensure those decisions are informed with quality insight, data needs to be accurate and complete.
5. U.S. organizations feel 27 percent of their revenue is wasted by inaccurate or incomplete customer data
Data has become such a central part of business operations that most companies feel bad data impacts their bottom line. The percentage of revenue impacted certainly varies based on the level of data management strategy in place. The lesson learned: a better data management strategy can help your business be more cost effective.
To learn more about these insights, check out our latest video: Top 5 data quality insights for 2015.