Data is a key part of every business’ strategy, however worries over inaccuracy mean many organisations struggle to implement their data management plans properly.
This is according to a new report by Experian, based on a poll of 1,000 employees within global organisations. In 83 per cent of cases, the respondents see data as an ‘integral part’ of forming a business strategy, however almost a third (30 per cent) think their data is inaccurate.
Data is also important when it comes to offering a stellar user experience. More than two thirds (69 per cent) think inaccurate data undermines their company’s effort to offer great user experience – one of the top priorities for 2018.
One of the biggest roadblocks to having proper data seems to be walking in the dark. Almost three quarters (73 per cent) of respondents think it’s difficult to predict when and where their next data challenge will be. Also, just under half (48 per cent) of respondents believe that their customers are fully aware of how they are using their data and trust them to use it responsibly.
“The prospect of rapid data-related change can feel legitimately daunting, but what’s clear is that businesses need to recognise that with every new test there comes an equally sizeable opportunity.” said, Experian’s Rebecca Hennessy.
“This year’s research has demonstrated that if organisations want to benefit from the clear opportunities of a digitalised data landscape, they need a well-thought out, ethical data management strategy that focusses on the right activities. Data is an essential part of enabling effective business strategy. And this begins with having the most accurate data.”
You can read the full whitepaper on this link (opens in new tab).
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