New research has revealed that companies are struggling with the volumes of data they now handle. Experian’s 2015 Global Data Quality Research found that 92% of businesses suspect their data might be inaccurate in some way. On average, respondents think that 26% of their total data may by flawed – a figure that has risen for the second year in a row.
The survey also found that while businesses are increasingly aware of the potential of their data – with estimates that it could improve profitability by up to 15% – more than 90% still find data improvement challenging.
The research, which interviewed representatives of 1,239 organisations in the UK, US, France, Germany, Spain, Australia and the Netherlands, establishes that most now understand the importance of their customer data and its potential to drive value. But despite this growing level of understanding, many are still struggling to harness the strategic value of that data.
According to Experian, there are two main reasons for this. The first being a lack of ownership and co-ordination – with almost 63% of organisations lacking a coherent, centralised approach to data quality. And the second being the use of outdated methods to check data accuracy – with 29% of organisations still manually cleaning their data.
Boris Huard, Managing Director of Experian Data Quality thinks getting the right data strategy is vital for success in a consumer-driven, digitalised age.
“Our 2015 Global Data Quality Research paper highlights the importance of having a complete data strategy in place, in order to ensure that your data is well managed and optimised for maximum benefit,” he said. “We hope that our latest research will go even further in helping businesses to identify their data goals for the coming year, and how best they can achieve them.”