New Experian Data Quality study finds 78 percent of companies could improve their data management sophistication through improvements in people, processes and technology.
Experian Data Quality, a leading provider of data quality software and services, today announced the release of a new research study,Create your ideal data quality strategy.
The study finds that the majority of organizations have failed to optimize their data management strategy, which has resulted in poor customer insight and wasted revenue.
The people, processes and technology around data management strategies need to be improved to have a positive impact on operations and overall business performance.
The data finds:
- Companies who have enjoyed a significant increase in profits in the last 12 months manage their data quality in a centralized way, with ownership resting with a single executive
- Ninety-two percent of companies find some element of managing data to be challenging; the most commonly identified challenge is fixing data quality issues before they negatively impact business
- Eighty-eight percent of companies have a data quality tool in place, but the average U.S. organization still reports a third of their data to be inaccurate
“The data management strategies in place in most organizations today do not match the business’s desire for data-driven insight. Organizations still rely on one-off, departmentalized approaches that deal with data in siloes,” said Thomas Schutz, senior vice president and general manager for Experian Data Quality.
“Today’s data demands require a more centralized approach. Organizations need to invest in data management but in the right way: by hiring the right people and focusing them on centralizing processes and installing preventative software.”
To obtain a copy of Create your ideal data quality strategy from Experian Data Quality, please go here.