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As organizations look to turn data into actionable insight, many find they lack quality information due to poor data management strategies
Boston, Mass., Jan. 28, 2015 — Experian Data Quality, a part of Experian Marketing Services and a leading provider of data quality software and services, today announced the release of a new research study, The data quality benchmark report. The study finds that while the majority of organizations are looking to gain actionable insights from their data, a high degree of inaccurate information is limiting data insight and negatively impacting the bottom line.
On average, U.S. organizations believe 32 percent of their data is inaccurate, a 28 percent increase over last year’s figure of 25 percent. This high degree of inaccurate information causes 91 percent of respondents to believe revenue is affected by inaccurate data in terms of wasted resources, lost productivity, or wasted marketing and communications spend. However, this situation could be remedied with a centralized, complete data management strategy.
“The cost of poor data quality is hitting home in boardrooms across the globe; most businesses, however, are perplexed because they actually are investing in data quality tools,” said Thomas Schutz, senior vice president and general manager for Experian Data Quality. “While data quality technology is certainly a requirement, many businesses have neglected to focus on staff and organizational structure. Very few organizations have appointed a centralized manager for data quality and most lack sophistication in their data management methods. Organizations need to do more than buy a new piece of software; they need to make data quality an organizational priority and put the right team in place to manage that complex effort.”
The study also found that:
• Ninety-seven percent of U.S. companies feel driven to turn data into insight
• Ninety percent of U.S. companies have some sort of data quality solution in place today
• More companies who have enjoyed a significant increase in profits in the last 12 months manage their data quality centrally
• On average, U.S. respondents feel 27 percent of their revenue is wasted due to inaccurate and incomplete customer or prospect data
To obtain a copy of The data quality benchmark report from Experian Data Quality, please visit http://go.experian.com/global-research-report-2015.
About Experian Data Quality
Experian Data Quality is a global leader in providing data quality software and services to organizations of all sizes. We help our clients to proactively manage the quality of their data through world-class validation, matching, enrichment and profiling capabilities. With flexible software-as-a-service and on-premise deployment models, Experian Data Quality software allows organizations around the world to truly connect with their customers by delivering intelligent interactions, every time.
Established in 1990 with offices throughout the United States, Europe and Asia Pacific, Experian Data Quality has more than 13,500 clients worldwide in retail, finance, education, insurance, government, healthcare and other sectors. For more information, visit http://www.edq.com.
About Experian Marketing Services
Experian Marketing Services is a global provider of integrated consumer insights and targeting, data quality and cross-channel marketing. We help organizations from around the world intelligently interact with today’s dynamic, empowered and hyperconnected customers. By coordinating seamless interactions across all marketing channels, marketers are able to plan and execute superior brand experiences that deepen customer loyalty, strengthen brand advocacy and maximize profits.
For more information, please visit http://www.experian.com/marketingservices.
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score, and protect against identity theft. In 2014, we were named by Forbes magazine as one of the “World’s Most Innovative Companies.”
We employ approximately 16,000 people in 39 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil. Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2014, was US$4.8 billion.
Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
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