According to our latest research, 40% of organizations experience significant gaps in their data expectations versus reality. However, organizations are working hard to fix that disparity. 87% of businesses say improving the quality of their contact data is a top priority while 91% believe doing so will positively impact both business outcomes and customer experiences across the board.
We can't emphasize enough how high-quality data is crucial for effective business operations and decision-making. Accurate and reliable data allows businesses across verticals to make informed decisions, optimize processes, and enhance their customer experiences.
There is a saying in business, “know your audience,” and with poor data quality, your business is at risk for incorrect insights and missed opportunities which will surely impact the overall performance and competitiveness of your business through misaligned positioning and flat messaging.
Key components of a data quality platform
A data quality platform supercharges your ability to manage and enhance the quality of your data throughout its lifecycle. In a single platform, you have self-service access to a suite of data quality capabilities such as data profiling, cleansing, monitoring, validation, migration, and more.
These capabilities work together to identify, correct, and monitor data quality issues, thereby enhancing the overall data management process. As a result, your organization can implement effective strategies for maintaining high data quality standards, which are essential for informed decision-making and efficient operations.
- Data profiling involves analyzing data to understand its structure, content, and quality. By identifying anomalies, inconsistencies, and patterns, data profiling helps detect potential data quality issues that need to be addressed.
- Data cleansing involves methods such as standardization and enrichment to correct or remove inaccurate, incomplete, or corrupt data. Various tools and processes, such as automated scripts, validation rules, and manual review, are used to ensure data is clean and reliable.
- Data matching identifies and merges duplicate records to maintain data accuracy and avoid redundancy. Techniques such as fuzzy matching and rule-based matching are used to identify and merge duplicate entries.
- Data monitoring involves regularly checking data quality to ensure it meets pre-defined standards. Alerts and dashboards provide real-time insights and notifications about data quality issues, enabling timely interventions.
- Data migration encompasses the process of moving necessary data, in the necessary format, from a source system to a target system. This is done by understanding the source data in detail, then translating it into a new data set that will support the functionality of your target system.
Each of these components plays a vital role in maintaining data quality and ensuring that the data used across the organization is reliable.
The business case for adopting Experian Aperture Data Studio
Our data quality platform, Aperture Data Studio, offers numerous benefits that can significantly enhance your organization’s performance and competitive edge, including:
- Improved decision-making: High-quality data ensures that business decisions are based on accurate and reliable information, leading to better outcomes and strategic planning.
- Enhanced operational efficiency: Clean and consistent data streamlines processes, reduces the time spent on data management tasks, and improves overall productivity.
- Better regulatory compliance: Accurate data helps organizations meet regulatory requirements more effectively, avoiding penalties and ensuring compliance with industry standards.
- Cost savings: Addressing data quality issues proactively reduces costs associated with failed deliveries, customer dissatisfaction, and inaccurate reporting, resulting in significant long-term savings.
Tying it all together
A data quality platform is crucial for bridging the gaps in your data. With the right solution, your business can maintain high data standards, mitigate risk, and achieve a competitive advantage through reliable and actionable insights.
Experian Aperture Data Studio combines self-service capabilities, a user-friendly interface, and leading global data sets into a single platform. Speak to one of our data quality experts today to explore our solutions
