As a business leader and a consumer, I use data on a daily basis to make decisions about what actions I am going to take. In our business, I look at metrics and analytics related to what is going on with finances, various departmental performance, employees, and more to determine what steps I need to take to better improve our business. From a personal standpoint, I use data to determine steps I may need to take around my personal health, financial decisions, or the best route to take to a given destination.
Given the global nature of our society and the digital acceleration that has taken place in the last few years, we are more reliant than ever on data. In fact, our research shows that 87 percent of business leaders say that digital acceleration has made them more reliant on quality data and insights. But that is a blessing and a curse. The promise of data is that it can supply us with greater insights and enable us to make better decisions. The challenge with so much information is being able to not only trust the data, but also analyse it for meaningful insights. If we don’t trust the data, we are left to just gut instinct.
It isn’t just about having data. Today, it is about gaining insight from that information that empowers us to take action. But to gain that insight, we must start from a place of trust. We have to be able to feel confident that the information we are being given is credible and will help lead us to the right outcome, especially when it contradicts pre-existing norms.
Many organisations currently lack trust in their data. That may be due to many different reasons, but one major cause for concern is data quality. Our global research analysis of data professionals finds that more than three quarters (77%) say that inaccurate data hurts their ability to respond to market changes during the pandemic.
With that degree of inaccurate information, many companies may question their analytics or data insights. That renders analytics less useful in allowing organisations to innovate, especially given the rapid pace of consumer change in the last few years.
Given that backdrop, we see many organisations looking to invest in data quality and improve their maturity. The same study mentioned before indicates that 75 percent of those who say their data quality has improved in the last year have likely exceeded their goals and targets. This can be compared to under half (47%) of organisations where data quality has remained the same.
Earlier this month, the 2022 Gartner® Magic Quadrant™ for Data Quality Solutions was issued. The report provides an overview of players in the space and the key capabilities that organisations need in their tool portfolio, if they are to address the increasing importance and urgency of data quality.
At Experian, we empower organisations to better understand their data assets and transform their business. Our solutions are developed with data users and practitioners in mind, focusing on usability, automation, transparency, and accuracy.
We also believe that it is not just about how much data you have, but if you have the right data. Customer data is some of the richest data assets an organisation possesses, but also some of the most challenging. Our rich history of customer data quality and the comprehensive data assets of Experian enable businesses to gain a deeper understanding of their consumers, which is critical given behaviours and habits keep changing.
We are proud to be named a Challenger once again in 2022 Gartner® Magic Quadrant™ for Data Quality Solutions. We believe in the power of data and work every day to help our clients unlock valuable insights from trusted information.