91% of Companies Feel Poor Data Wastes Revenue (And 47 More Data Stats)

By | Small Business

data quality stats

According to a recent Experian report, data quality is a growing space, and while 84% of companies are investing in a data quality solution, many are not sophisticated in their data strategy today. For instance, 32% of companies believe their data is inaccurate. Therefore, there’s still a long way to go in the world of ensuring quality data. In addition, there is a real need for data quality, because companies implementing data quality solutions see a significant increase in profits, among other benefits.

These stats and more come from the 2015 Experian Data Quality Benchmark Report. Here’s a recap of the report in the form of 48 insightful data quality stats.

Big Data Quality Takeaways

1. 95% of companies feel driven to turn their data into insight

2. 32% of U.S. companies believe their information is inaccurate

3. 26% of their total data might be inaccurate

4. 83% of commercial companies believe their revenue is affected by inaccurate and incomplete customer or prospect data

5. 63% of organizations lack a coherent, centralized approach to their data quality strategy

6. 94% of U.S. companies are leveraging data and data quality in an attempt to optimize their customer or prospect experience

7. 99% of organizations think data is essential for marketing success

8. 74% of companies feel they do not have a sophisticated data quality approach and could improve it

9. 27% are proactive about data quality

10. 14% are totally unaware of data quality

11. 91% of companies think revenue is wasted due to poor contact data

12. 92% of companies say managing their data is challenging

Drivers for Maintaining High Quality Data

13. 47% say cost savings

14. 46% say increased efficiency

15. 55% say protection of their reputation

16. 51% say capitalizing on market opportunities through profiling

17. 35% say enabling more informed decisions i

18. 34% say compliance

19. 42% say a single customer view

20. 22% say a reduction of risk

Drivers for Turning Data into Insight

21. 53% say an understanding of customer needs

22. 45% say wanting to determine past marketing campaign performance

23. 49% say securing future budgets

24. 37% say wanting to increase the value of each customer

25. 51% say customization of future campaigns

26. 28% say wanting to find new customers

27. 4% say driving more traffic from one channel to another

How Data is Managed

28. 35% manage their data in a centralized way with a single director

29. 51% have some centralization, but many departments adopt their own strategy

30. 42% have data managed by a Chief Data Officer, Chief Information Officer, or Chief Technology Officer

How Data Quality Tools are Utilized

31. 33% use data quality tools for data cleansing

32. 29% use it for data enrichment and suppression

33. 31% use it for matching and linkage

34. 33% use it for standardization

35. 43% use it for Data profiling

36. 42% use it for monitoring and audit

37. 30% use it for manual data cleansing

Data Quality Plans for the Future

38. 51% of companies plan to prioritize and improve data quality solutions they already have in place

39. 64% will focus on a new solution

Biggest Reason for Data Errors

40.The most common cause of contact data accuracy issues is human error

41. 51% say the biggest reason for data errors is incomplete or missing data

42. 48% say it’s outdated information

43. 44% say it’s inaccurate data

44. 32% say it’s duplicate data

How Data Quality Issues are Detected

45. 57% say data quality issues are detected when reported by employees, customer or prospects

46. 35% say it’s detected during an analysis of marketing campaign results

47. 44% take proactive data audits

48. 24% use specialist detection software

As Inga Romanoff shares, “Data quality is not an accident.” Which stats stand out to you?

Achieve total data quality with the free data quality guide below.

complete data quality guide

This article was syndicated from Business 2 Community: 91% of Companies Feel Poor Data Wastes Revenue (And 47 More Data Stats)

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