Every year we carry out research to find out about the latest trends in the data quality market and what they mean for businesses for the year ahead.
You can read a full round up of the results with analysis from our data quality experts in our Global Research Discussion Paper but here’s a sneak preview into a few of our findings.
The research demonstrates that data quality is high on the corporate agenda. Companies have the desire to move up the maturity curve and manage their customer data better. The research shows data is a board-level issue, with 83% of respondents believing revenue is affected by inaccurate and incomplete customer or prospect data in terms of wasted resources, lost productivity or wasted marketing communication spend.
Organisations are still challenged with managing their data and exploiting its value. In fact 92% of companies say they find some element of data quality challenging. On average, respondents think 26% of their total data might be inaccurate. This has risen from 17% in 2013 and 22% in 2014. There’s a growing recognition that this is costing – 23% say they have lost revenue as a result, up from 19% in 2014.
Interestingly, there’s a correlation between those companies that took a more joined up approach to their data quality and those that made a significant profit. More than 40% of companies using automated data quality solutions said their profit increased significantly compared to just 13% using manual cleansing in the last 12 months. Equally, the cost of getting things wrong seems to be growing as consumers – and regulators – are increasingly intolerant of data errors and more companies report lost revenue as a result of poor data.
With growing awareness of data issues, more organisatons are taking action. 84% of companies plan to make some sort of data quality solution a priority for their business in the next 12 months.
To find out the full results, download the Research Report where we delve deeper into these and other key findings. You will also receive advice and recommendations from industry experts to really help you drive business potential from your data.