Customer-centric strategies rely on insight, but do most firms have the data to back up their ambitions?

New research highlights agility and customer awareness required by the digital economy, but most companies lack time, experience and actionable insight

Boston, Mass., Sept. 25, 2018: U.S. businesses are working hard to improve the customer experience and drive digital transformation, but new Experian research finds that many lack the required data insight to drive these initiatives forward.

The vast majority of companies are working on digital transformation efforts to become more customer-centric and adapt to ever-changing consumer demands. Nine out of 10 (90 percent) say that embracing digital transformation is critical to their ability to provide an excellent customer experience.

However, thriving in the digital economy means having access to data you can trust. A large majority of businesses (92 percent) say that high-quality data is the fuel for their digital transformation efforts, and 99 percent use data to improve the digital customer experience in one way or another.  

While companies have an overabundance of data, they lack trust in their information and often struggle to apply data insights strategically to a larger program. Three out of four organizations (75 percent) say that poor data quality has made it challenging to achieve digital transformation plans. In addition, only 39 percent of organizations believe they can effectively enable the use of trusted data across the business today.

“The competition is fiercer than ever before, and consumer attention is spread thin. The most successful digital businesses use data to differentiate themselves, provide innovative services and operate efficiently,” said Simone Lima, SVP and general manager of Data Quality at Experian. “Organizations need to address the gap between the realistic state of their data today and the insight needed to drive initiatives forward. They should go back to basics and focus on data quality and accessibility rather than just the analytics and application.”

To capitalize on the benefits of the digital economy, organizations need to improve the quality of their data and better understand its condition. To that end, 90 percent of organizations say that enabling trusted data across the business is an ongoing priority.

Experian® published its report to coincide with the launch of the Experian Aperture Data Studio, which allows businesses to understand, transform and track customer data for a more holistic picture. This powerful and easy-to-use data management suite will help organizations manage customer data projects with confidence.

To obtain a copy of Mastering the customer experience from Experian, please visit https://www.edq.com/resources/data-management-whitepapers/mastering-the-customer-experience/.

About Experian

Experian® is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

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