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Study finds firms unable to maximize value of their data


March 25, 2015  


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Experian Data Quality, a provider of data quality software and services, has announced the release of 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

* 92% 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

* 88% of companies have a data quality tool in place, but the average 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,” said Thomas Schutz, senior vice president and general manager for Experian Data Quality.  “They still rely on one-off, departmentalized approaches that deal with data in siloes. 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.”

 

 


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