Our latest research finds that 97% of organizations have plans to make their data management program more flexible and agile over the next year. Are you one of them?
Data agility is defined as the distance between data that informs a decision and the decision itself. This is a subset of business agility, which is the ability to pivot strategies, development, expectations, and engagement. Data and business agility go hand-in-hand.
Today, the market clearly recognizes the importance of flexibility within their organization. With a data infrastructure supported by data quality control, business leaders can pivot quickly and effectively respond to the market. The research says it all, 92% of businesses believe agility would enable better decision-making across their organization.
What does agility look like for industries?
Business agility enables an organization to act fast when change arises. Although this a critical characteristic for any company that moves with our economy, in the last two years, companies had to learn to be flexible in new ways with regulations, public health safety, supply chain disruptions, staffing shortages, and the list goes on.
Here are some industry examples that have come up in the last few years:
- Retailers: Retailers of all sizes learned how to up their game quickly. Their consumers were lacking loyalty and their operations were at risk due to supply chain and distribution issues. Brick-and-mortar locations geared up to digitally transform, putting their business online and capturing any consumer data that they could get their hands on. This enabled them to deliver a seamless experience both online and offline, even when there were aspects of their operation that they couldn’t fully control.
- Mortgage lenders: Mortgage lenders have adapted to the fast-paced housing market. Over the past two years, low interest rates gave them a competitive edge, but now with inflation on the rise, they must find other ways to retain new and existing customers. Lenders are now shifting focus to customer experience and their digital footprint. With more means to innovate, they know the importance of capturing quality data to help them remain competitive.
- Collection agencies: With the recent ruling of Regulation F, collection agencies have the opportunity to digitize their outreach programs and reach consumers through email, text, and even social media. Although this is a huge step toward innovation for a traditional industry, agencies aren’t ready for the quick pivot because they don’t have that foundation of consumer data, or a way to distribute the information accurately across the business for use.
The biggest similarity across these industries is the need to be agile—whether that is to respond to changing marketing trends, new regulations, or digital transformation. When companies have a strong infrastructure backed by reliable data insights, business leaders are confident to make better and faster decisions.
When that happens, competitive edge and business growth surge. Our research shows us that 82% of respondents think a lack of data agility would put them at a competitive disadvantage. This brings us to our next point: Where does data management fit in?
Data management's role in business agility
Our research finds that 9 out of 10 organizations believe agility and flexibility are key parts of being data driven. We define a data-driven business as having trusted data, user-friendly technology, company-wide data best practices, and data professionals to manage this infrastructure. It’s about keeping the data sharp so it’s ready the moment you need it.
In our 2022 Global Data Management Research report, Andrew Abraham Global Managing Director Data Quality of Experian says, “Pairing trustworthy contact data with an agile data management program enables organizations to make their data actionable, allowing for better and faster decisions when pursuing new and existing opportunities.” With data agility, comes business agility.
Here are some questions to ask yourself if you are wondering if your data is setting you up for an agile operation:
- Do you have data quality control measures in place today?
- Do you have data quality technology that is integrated into our existing tech stack?
- Do you have a medium to transparently share your data reporting?
- Do you have a data literacy program to develop data skills for both technical and non-technical roles?
- Do you have clear ownership of data management across your business?
Top 5 benefits of data agility
We find that your business can be ready for anything when you are data-driven. When there is sound data management, there’s a chance for:
- Better decision-making
- Customer experience
- Operational efficiency
- Business resilience
- Digital transformation
And so much more. An operation supported by data-driven, agile, and flexible best practices is a business that can reap these benefits. Without data quality management, organizations are more likely to see negative effects. How can you get started so you can stay away from inefficiencies and be ready to take action?
How to get started
There are three main components to consider when implementing a data management program.
- Technology: Our research finds that 88% of organizations believe that integrating data quality capabilities into existing applications helps them increase agility and flexibility. This could mean implementing data validation solutions into your online applications and forms, or your customer databases.
- Processes: A robust data management program considers how data is collected, verified, stored, managed, and shared across the business. We find that 79% say data democratization is a crucial part of their data management platform.
- People: Your people are your biggest assets so it’s important to invest in their data knowledge and skills. Whether it’s hiring data professionals to manage the program itself or it’s implementing a data literacy program, your people are a vital component to making this program work effectively.
Setting this foundation will enable you to operate with agility and flexibility. Now, when you think of the industry examples we covered earlier, consider how a data quality management program would enable them to respond proactively and optimize their results.
The right data at your fingertips allows you to take swift action when the world becomes chaotic. With accurate information, as a business leader, you are able to make more precise decisions to steer your business toward resilience and growth than you would if you were going by your gut.
