The independent research consultancy Dynamic Markets revealed last year that 99 per cent of organisations have now implemented a data strategy programme, which is a crucial development in the modern world.
Research carried out by the agency showed that more and more businesses are finally beginning to appreciate how important this asset is. The reasons vary, but all in all, they suggest a desire to improve things as they stand.
Grounds for such an investment included making processes efficient (63 per cent), boosting customer satisfaction (53 per cent), making better decisions (51 per cent), making the most of market opportunities (43 per cent) and achieving a single customer view (37 per cent).
Worrying though, against this backdrop of progress, innovation and recognition was following statistic: 94 per cent of organisations confirmed that they experience common data errors and that it is becoming increasingly problematic. In 2011, for example, only 92 per cent had admitted as much.
It is instructive to then know what exactly these widespread problems are when it comes to data. Most businesses tend to suffer from deficient or missing data, information that when collected has either been incomplete or mislaid.
Outdated details are another significant problem area when it comes to preserving data's quality, which suggests that information is not being collected regularly. Inaccurate data is also up there in terms of how frequently it crops up, followed by duplicated information, spelling mistakes and details being entered erroneously (in the wrong field).
With specific reference to contact data, the biggest contributing factor to it being compromised is human blunder, which can, of course, be hard to stamp down on. It can be all too easy to make mistakes, especially in stressful, demanding and busy working environments.
However, this isn't exclusively the only reason why data can be comprised, as some organisations will readily admit that their management of this asset is lacking in focus, indeed, sometimes, they lack the skill and authority to deliver a level of expertise that is demanded these days.
Copyright ©, 2014-2017. All rights reserved.
Experian Ltd is authorised and regulated by the Financial Conduct Authority. Experian Ltd is registered in England and Wales under company registration number 653331.
Registered office address: The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham NG80 1ZZ.