data quality strategy - meeting macroeconomic influences

Meeting macroeconomic influences with an effective data strategy

Rebecca Hennessy

Director of Market Strategy Experian, Data Quality

Powering opportunities …and helping to create a better tomorrow

2 © Experian

Research Methodology

06/04/2017 All rights reserved | Meeting macroeconomic influences with an effective data strategy

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UK, US, Australia, Brazil, France,

Germany, Spain and Singapore

,

Small and enterprise size firms

All respondents were screened to

ensure they maintain at least one

database internally

1431 professionals

http://www.edq.com/uk

3 © Experian

Consumer AttitudesConsumers are increasingly aware of the value of their data, but also the vulnerability


3

Volume Velocity Variety

Veracity Vulnerability Value


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Consumer AttitudesConsumers are increasingly aware of the value of their data, but also the vulnerability


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72% of businesses agree that data

quality issues impact consumer trust

and perception

64% report that inaccurate data is

currently undermining their businesses

ability to provide an excellent customer

experience

By 2020, 70% of businesses believe

that the majority of sales decisions will

be driven by customer data

76% of organisations believe that to be

transparent with data practises, an

effective data management process needs

to be in place


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RegulationRebuilding consumer trust


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51% of respondents cited that they

don’t believe their current data

governance programme is effective

70% agree that increasing regulation

has driven the need for better data

analytics and management

52% of respondents said the impact of not

trusting their data was an increased risk of

non-compliance and ability to meet

regulation


6 © Experian

Data MaturityCurrent data regulations


6

Aware and Don’t

KnowReactive Proactive

Optimised &

Governed

People Patchy Good Measured Accountable

Process Ad-hoc Dept silos Clearly owned Monitored BAU

Technology Manual Dept toolsDiscovery &

analysis

Platform

approach

14%

39%

13%

34%


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Inaccurate data is resulting in numerous inefficiencies, with businesses citing wasting valuable time:

• 37% preparing data

• 37% standardising data

• 27% manually cleaning data

A large number of business also said they still rely on IT for data requests

The impact of immaturityInaccurate data causing inefficiencies


7


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Single version of a customerUnified and accurate


81% of businesses still report challenges in

achieving a single customer view

57% of consumers accept that it is up

to them to tell companies when their

details change*

37% of businesses claim they will be

working on data cleansing projects in the

next 12 months

*Experian/Data IQ GDPR, Data Preparation Report (May 2016) https://www.edq.com/uk/resources/papers/general-data-protection-regulation/


10 © Experian

4 practical stepsIdentifying the right people, processes and technology in 2017


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Clear senior leader to provide

direction and strategy

Data quality is business critical

Data is everyone’s

responsibility

Empower people with easy to

use technology


11 © Experian 06/04/2017 Private and confidential Presentation Title

2017 Global Data Quality Research

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data quality strategy - meeting macroeconomic influences

Data & Analytics