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75% of businesses who improved data quality in 2021 exceeded annual objectives. But data quality and skills shortage leave 56% of businesses still not able to capitalise on data
UK, February 22 2022: New research from Experian reveals that better data management and data quality1 has helped businesses to navigate the Covid-19 pandemic, bringing them closer to customers.
The annual Global Data Management report, which surveyed 905 data practitioners and data-driven business leaders worldwide, found the majority (75%) of businesses who have improved their data quality in the last year have exceeded their annual objectives in some way.
This includes objectives relating to customer experience, managing talent and workforce development, data security, and improving business resilience. Meeting these objectives will ultimately help these organisations reach their revenue growth targets.
Recognising data as a critical asset to build business resilience, most businesses (89%) say that contact data is key to customer engagement, indicating its use in building a recovery plan. Similarly, 88% suggest data management has allowed them to keep up with understanding their customers’ rapidly changing needs that continue to be impacted by the pandemic.
2022 data priorities
Almost every business respondent (97%) said they plan to make their data management programme more flexible and agile over the next 12 months.
Improving customer experience is a top priority (52%), with businesses eager to use data to enable more customer centricity though better operational efficiency (48%) and better customer experience for customers offline and online (44%), for example.
However, inherent barriers are hampering businesses from maximising on data usage, such as a lack of data skills and a decline in data accuracy. Over three quarters (77%) say that inaccurate data hurt their ability to respond to market changes during the pandemic, while 39% say poor quality data has negative effects on customer experience. Meanwhile, 84% think a lack of data skills in the business hampers agility and flexibility in their organisations.
Andrew Abraham, Global Managing Director, Data Quality, at Experian, comments:
“The last year has tested every industry, with a new requirement for business models to be agile and change in line with their customers’ rapidly shifting demands. Our research shows that businesses who have improved their data quality were not just better equipped for this but exceeded their performance expectations too.
“However, business experiences with data accuracy and issues around how data is managed remain and are unlikely to improve unless businesses upskill current employees and continue to work with wider industry and government on addressing the data skills gap.”
Delivering a data boost
The Global Data Management report highlights how businesses can seek to overcome challenges as a result of data management and data quality limitations.
You can read this year’s annual report here.
You can find out more about how Experian can help your organisation with your data quality needs here.
Joe Green, Senior PR Manager, Corporate & Business, UK&I, Experian
Tel: 07812 737 768 / Email: firstname.lastname@example.org
Notes to editors
 Research conducted by Opinium Research on behalf of Experian – surveying 2,001 UK adults (16+) in education between 2-8 September 2021
 Enterprise resource planning (ERP) and customer relationship management (CRM). Both serve as vital data repositories
About the Global Data Management report research
905 employees in the US, UK and ANZ with knowledge / visibility of data management issues in businesses with 250+ employees, in any sector completed an interview in October 2021.
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