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Business fail to see the potential of their data

(Image credit: IT Pro Portal)

Data may be the ‘new oil’ but only if handled properly. And that is something many businesses fail to do – according to new Experian research.

The report, based on a poll of 1,000 data practitioners from all over the globe, says business ‘struggle to unlock data’s true potential’, mostly because they lack control.

That control basically means making sure multiple departments are responsible for data, with occasional help from the IT department. Yet, figures from the ground show that just 13 per cent are employing this approach.

Businesses that fail to leverage data in achieving their strategic objectives usually have the same woes: incorrect ownership, lack of trust in data and information overload. Almost every business has witnessed first-hand, the detrimental effects that stem from poor data quality.

The report says businesses agree that data is a great tool to boost customer experience. Yet, data management remains a big challenge for many. Incomplete data and an overall lack of skills are also considered huge roadblocks.

“From the research, we are seeing a broad range of business stakeholders looking for more control over their data, as many struggle to access valuable information and develop trust in it,” says Mike Kilander, Global Managing Director, Data Quality at Experian.

“We see year after year that despite ambitions, many businesses fail to take full advantage of the opportunity that data can provide because current infrastructure and management practices are not set-up to handle today’s digital consumer.”

Image Credit: IT Pro Portal