Businesses don’t need GDPR fines to feel the sting of poor data practices. According to a new report from Dun & Bradstreet, organisations are losing customers and missing revenue opportunities because of the way they handle customer data.
A fifth of businesses polled for the report have lost a customer because they didn’t have complete, correct information on them. Another 15 per cent failed to onboard a new customer for the same reason.
More than a fifth (22 per cent) said they had inaccurate financial forecasts, and roughly the same amount (17 per cent) offered too much credit to a customer because of it, consequently losing money.
For most organisations, the biggest issue seems to be the way data is structured – it’s often difficult to access and outdated. Nearly half of business leaders say data is too siloed to be of any use. Main challenges include protecting data privacy, having accurate data, as well as analysing and processing that data. In many cases, business leaders don’t even know who’s responsible to manage the data their organisation harvests. This ‘absence of ownership’ could be why most business leaders don’t have the budget to implement data management practices, the report argues.
“Businesses must make data governance and stewardship a priority,” said Monica Richter, Chief Data Officer, Dun & Bradstreet. “Whether leaders are exploring AI or predictive analytics, clean, defined data is key to the success of any program and essential for mitigating risk and growing the business.”
Image Credit: Flickr / janneke staaks