Experian Data Quality, a leading provider of data quality software and services, today announced the release of a new research study, Building a business case for data quality. In the rapidly growing field of data quality, businesses are investing in new technology, but current practices for building a data quality business case need to be improved. Better data insight and fact-based communication can reduce the number of stakeholders and better tie initiatives to key priorities, helping to expedite approval of these business case proposals.
Bad data has impacted most businesses negatively in the last 12 months. With only 2 percent of businesses stating that they completely trust their data, it’s obvious that organizations deal with a significant amount of inaccuracy. But while 86 percent see value in implementing a data quality initiative, these business cases take an average of 12 to 18 months to approve and often lack a dedicated owner.
“We know that businesses are dissatisfied with this level of inaccuracy in one of their most critical assets,” said Thomas Schutz, senior vice president and general manager for Experian Data Quality. “This research backs up what we’ve heard from our clients — business cases take too long and are too disjointed. Changes are frequently discussed with sentiment and gut feeling, rather than with real data tied to relevant business problems. By improving communication and backing it up with hard facts, business cases can involve fewer stakeholders and take less time to approve.”
The study also found that:
- 80% of businesses say there are too many stakeholders involved in building a business case for data quality
- 89% say that customer experience is a critical driver behind their data quality initiatives
- Other key drivers behind data quality initiatives include regulatory compliance, business intelligence, adding value to business initiatives and marketing efficiency
To obtain a copy of Building a business case for data quality from Experian Data Quality, please visit https://www.edq.com/resources/data-management-whitepapers/building-a-business-case-for-data-quality/.
About Experian Data Quality
Experian Data Quality is a global leader in providing data quality software and services to organizations of all sizes. We help our clients to proactively manage the quality of their data through world-class validation, matching, enrichment and profiling capabilities. With flexible software-as-a-service and on-premise deployment models, Experian Data Quality software allows organizations around the world to truly connect with their customers by delivering intelligent interactions, every time.
Established in 1990, with offices throughout the United States, Europe and Asia Pacific, Experian Data Quality has more than 13,500 clients worldwide in retail, finance, education, insurance, government, healthcare and other sectors. For more information, visit https://www.edq.com.
About Experian
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision-making. We also help people to check their credit report and credit score and protect against identity theft. In 2016, for the third year running, we were named one of the “World’s Most Innovative Companies” by Forbes magazine.
We employ approximately 17,000 people in 37 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2016, was US$4.6 billion.
To find out more about our company, please visit http://www.experianplc.com or watch our documentary, “Inside Experian.”
