Every year we commission research to find out about the latest happenings in the data quality market.
This new infographic ‘The Data Quality Formula’ shows the key findings from large British organisations when it comes to the way they manage their data assets.
The infographic demonstrates that for organisations to really get to grips with their data they must incorporate ‘The Rule of 3.’ Without the 3 key elements to the formula, Detection, Analysis and Resolution, the equation cannot be solved.
The findings from the research reveal that although 99% of large organisations have a data quality strategy in place, most still take a very ad-hoc approach to data quality.
78% of those surveyed admitted to being very reactive at detecting data errors, meaning that data issues are identified by an employee or even a customer or prospect. As portrayed in this infographic, leaving data issues undetected is one of those ‘see no evil, hear no evil’ scenarios because of course these problems aren’t just going to disappear, in fact they’ll multiply.
The research delved into how organisations analyse their data. The findings revealed that 64% were unsatisfied with the way in which analysis is carried out. This statistic isn’t that surprising when 65% admit to only using ‘outdated spreadsheet software.’ Without analysis, we are completely blind to data issues and errors remain hidden.
50% of those surveys admitted that when it came to resolving data issues, they didn’t have a stringent process but instead data cleanses are carried out on an ad-hoc basis. Unsurprisingly therefore 61% are unsatisfied with their resolution strategy.
All good things come in 3s and data quality is no different. For organisations to make the most out of their data, they must incorporate all elements to the data quality formula. The data qualitly formula is critical to success and organisations need to understand that one cannot be done without the other.
*All data used in this infographic is drawn from the ‘Company Data Quality Research 2014’ and the ‘Global Data Quality Research 2014,’two independent market research reports commissioned by Experian Data Quality and produced by Dynamic Markets.