Data-Driven Efforts Are Plagued by Inaccurate Information, Finds Experian

Boston, Mass., Jan. 22, 2014—Experian Data Quality, a part of Experian Marketing Services and a leading provider of contact data management software and services, today announced the release of The State of Data Quality study. The report finds that data has become a more critical component of customer interaction and decision-making, but the prevalence of inaccurate data means organizations are struggling to meet strategic goals.
On average, U.S. organizations believe that a quarter of their data is inaccurate, which negatively impacts business intelligence, marketing and customer engagement efforts. The level of inaccuracy is primarily due to human error, which occurs from a lack of a coherent, centralized approach to data quality. Sixty-six percent of companies lack this type of centralized approach, a situation which prevents organizations from analyzing, improving and controlling data problems by dividing resources and further siloing information.

“The increasing sheer volume of data means that more companies are looking to make better-informed decisions based on the information they hold,” said Thomas Schutz, senior vice president, general manager of Experian Data Quality. “Data quality is the foundation for any data-driven effort, but the quality of information globally is poor. Organizations need to centralize their approach to data management to ensure information can be accurately collected and effectively utilized in today’s cross-channel environment.”

The study found that organizations are looking to better coordinate across the many channels they utilize, with 87 percent of organizations now engaging in cross-channel marketing. However, the majority of businesses face challenges in this area of their operation due to inaccurate information and a lack of consumer data. This data deficiency is forcing 94 percent of organizations to append additional data to their customer contact information.

To obtain a copy of “The State of Data Quality” from Experian Data Quality, please visit http://www.qas.com/whitepapers/the-state-of-data-quality/contact-form.htm?tid=3671.

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