It is well known that we all rely on data to make decisions, all day every day. However, starting a job at Experian at the same time as being diagnosed with Type 1 Diabetes brought this to the front of my mind with the big role data plays in managing my illness. I therefore thought it would be interesting to bring the importance of data in healthcare to life, through my own recent experiences.
The pressure on the NHS is widely reported and after an exceptionally difficult winter, the knock-on effects appear to be on-going according to this article. One particular challenge that was widely reported in early January 2018 is the estimated £1bn annual cost to the NHS of ‘no shows’ at GP and hospital appointments.
8 million missed appointments each year, with an average cost to the NHS of £120 each will clearly be putting added financial pressure on services that are already stretched. Whilst the growing use of phone and online services (such as the 111 helpline) can go towards reducing pressure on frontline services, could the NHS be doing more with its data to help cut the cost of ‘no shows’ and reallocate this saving to better use?
As you can see from my wonderful author profile above, my name is Scott Drayton. I spend far too much of my spare time sitting inside playing my Xbox. I also mostly use Outlook for my personal email needs, and own a laptop that runs Windows.
Don’t worry, you haven’t accidently clicked on a terrible dating profile. What I am going to illustrate is just how quickly the Single Customer View (SCV) that you need to effectively serve your customers, can become a tangled mess of duplicate records using a brief story about my life.
Many of us in the data industry have become familiar with the term Single Customer View (SCV) over the last decade. Those that have worked on an SCV project will have seen how they can improve our data management processes, save on marketing costs or improve your customer experiences.
However, with many SCVs being focussed on just one of those outcomes, there has sometimes been an air of disappointment with the results. Some organisations have even ended up with multiple SCVs for different purposes that don’t agree when there is an urgent need to bring together data for another reason, such as a Data Subject Access Request (DSAR).
I’m an avid shopper. I know the importance of a seamless, intuitive shopping experience; from finding the product I’m after, through to checkout and any post-sale service. Once I find this, I’ll want to keep coming back for more. The opportunity here for retailers to disrupt, stand out and build loyalty is strong - and other consumers agree. 72% wish that retailers would be more innovative in how they use digital technology to improve their shopping experience. And likewise, 72% of consumers are more likely to shop with retailers that are digitally innovative – up from 60% in 2017. (The Future Shopper, Salmon 2018)
Whilst many businesses understand the challenge for more personalised and seamless experiences, they struggle to cope with the growing volumes of data available. It’s predicted that by 2025 the ‘datasphere’ will grow to 163 zettabytes – ten times the 16.1ZB of data generated in 2016. It’s no surprise that less than one in five (19%) say they are unlocking the full potential of their data to improve their relationship with customers.
This torrent of information is causing an ‘infobesity’ problem. Businesses are faced with an information overload. They have so much data, it can be overwhelming to know what to do with it all. How can they turn that data into useful information, unlocking its value and delivering better outcomes for their customers?
Last night we were thrilled to see long-standing customer, Cleveland Police, named as winner of the ‘Breakthrough with data’ Award at DataIQ’s 2018 Talent Awards.
The DataIQ awards are all about recognising excellence in data and analytics and the sheer number of entrants across 18 categories is testament to the way data is driving change for those organisations that are embracing its opportunity.
This week sees the launch of Experian’s brand new data management platform, Aperture Data Studio. It’s a platform that we’re all incredibly excited about. It brings together our expertise in data quality with the power of Experian data, to help our customers solve a wide range of business problems. Importantly, targeting the needs of the business user, Aperture was built around the principles of ease of use and simplicity of implementation. For our users, the ability to drive results in days rather than months is the critical element that separates Aperture from the rest.
If you want to tackle data quality issues, the very best place to start is by understanding where you are right now. That’s why we’ve just launched a new interactive data quality maturity assessment. It’s a great starting point for getting a benchmark of your data quality sophistication across the three core building blocks of a successful data improvement initiative; people, process, and technology. Taking the test will place you in one of 4 categories, ‘unaware’, ‘reactive’, ‘proactive’ or ‘optimised and governed’ and offer steps to take to make future improvements. It could offer invaluable advice to kick-start your data quality initiative.
Our recent Global Data Management Research provides an interesting perspective on the current challenges and opportunities that data presents to organisations in the digital age. What it also highlights is why data quality’s more important than ever in 2018 and some of the key challenges that organisations are facing when managing their data. To bring this to life, I’ve chosen 5 standout stats and suggested some useful resources for those looking to explore them further.