Organisations are universally coming round to the value of data in honing their marketing strategies, but most are still less than sure about how to approach data quality management, according to new research from Experian.
Some 84% of the organisations questioned in Experian’s ‘Global Data Quality Research 2016’ said they now view data as an integral part of forming a business strategy.
In fact, businesses believe they would see sales increase by as much as 29% by harnessing data – but only if their customer data was fully accurate.
Nearly a quarter (23%) of all the data organisations hold is believed to be inaccurate, with just 14% of firms confident that they have a sophisticated approach to data quality management.
However, when it comes to data management, I do have some sympathy for businesses. That’s because the amount of data they have to deal with has swelled significantly in the past few years.
So, what would’ve been considered a sophisticated approach to data management a few years back, wouldn’t necessarily serve a business well today.
Businesses have had little choice but to spend more time and money on digital channels in the past 12 months, in order to stay competitive. Indeed, 81% of Experian’s respondents said they increased their use of social media in 2015, while 78% said they made more use of mobile apps.
Experian suggests the increasing amount and complexity of data necessitates that firms employ ‘data-centric’ staff, but businesses shouldn’t wait for a chief data officer to come on board to start thinking about how data can be managed. After all, you’re already losing ground on your competitors…