Quality data proves critical to business performance

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.

• Investing in talent: Evidence shows a lack of data skills affecting data management. As well as investing in employee training, previous Experian research found more could be done to attract graduates into data roles. Most students polled (67%) said they wanted companies to do more to promote data roles, and over half (53%) said they were considering a career in data². With a data literate workforce, a business is armed with talent that can make timely, data-driven decisions.
• Clean up your data: The report reveals that only 44% say that their CRM/ERP³ data is clean, and that they can fully leverage it (against 50% suggesting this in 2020). By enriching your data, organisations can open up new information about customers while also making sure your existing data is accurate. When you purchase a data set from a trusted source, you can be sure the data regularly refreshes to keep your data lists updated and reliable.
• Prioritising your insights: 72% say they have so much data in their organisation that it is difficult to prioritise where data management can add most value. DataOps for example, can shorten development cycles, increase deployment frequency, and create more dependable releases of data pipelines, in close alignment with business objectives. This practice helps organisations adapt more quickly to changing conditions and prioritise data effectively.

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.  

-ENDS-

Media contact

Joe Green, Senior PR Manager, Corporate & Business, UK&I, Experian

Tel: 07812 737 768 / Email: joseph.green@experian.com

Notes to editors

[1] https://www.gov.uk/government/news/what-is-data-quality

[2] Research conducted by Opinium Research on behalf of Experian – surveying 2,001 UK adults (16+) in education between 2-8 September 2021

[3] 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.

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 organisations to prevent identity fraud and crime.

We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.