As a business leader and a consumer, I use data daily to make decisions about what actions I will take. In our business, I look at metrics and analytics related to what is going on with finances, various departmental performances, employees, and more to determine what steps I need to take to improve our business better. From a personal standpoint, I use data to determine steps I may need to take around my health, financial decisions, or the best route to take to a given destination.
Given the global nature of our society and the digital acceleration that has taken place in the last few years, we are more reliant than ever on data. In fact, our research shows that 87 percent of business leaders say that digital acceleration has made them more reliant on quality data and insights. But that is a blessing and a curse. The promise of data is that it can supply us with greater insights and enable us to make better decisions. The challenge with so much information is being able to trust the data and analyze it for meaningful insights.
It isn’t just about having data. Today, it is about gaining insight from that information that empowers us to take action. But to gain that insight, we must start from a place of trust. We must be able to feel confident that the information we are being given is credible and will help lead us to the right outcome, especially when it contradicts pre-existing norms.
Many organizations currently lack trust in their data. That may be due to many different reasons, but one major cause for concern is data quality. Our global research analysis of data professionals finds that more than three-quarters (77%) say that inaccurate data hurts their ability to respond to market changes during the pandemic.
With that degree of inaccurate information, many companies may question their analytics or data insights. That renders analytics less useful in allowing organizations to innovate, especially given the rapid pace of consumer change in the last few years.
Given that backdrop, we see many organizations looking to invest in data quality and improve their maturity. The same study mentioned before indicates that 75 percent of those who say their data quality has improved in the last year have likely exceeded their goals and targets. This can be compared to under half (47%) of organizations where data quality has remained the same.
Last week, the 2022 Gartner Magic Quadrant for Data Quality Solutions was issued. The challenge with so much information is being able to trust the data and analyze it for meaningful insights. The report provides an overview of players in the space, and the key capabilities organizations need in their tool portfolios to address data quality's increasing importance and urgency.
At Experian, we empower organizations to better understand their data assets and transform their business. Our solutions are developed with data users and practitioners in mind, focusing on usability, automation, transparency, and accuracy.
We also believe it is not just about how much data you have but whether you have the right data. Customer data is some of the richest data assets an organization possesses, but also some of the most challenging. Our rich history of customer data quality and the comprehensive data assets of Experian enables businesses to gain a deeper understanding of their consumers, which is critical given behaviors and habits keep changing.
We are proud to be named a Challenger once again in Gartner’s 2022 Magic Quadrant for Data Quality Solutions. We believe in the power of data and work every day to help our clients unlock valuable insights from trusted information.
Gartner: Magic Quadrant for Data Quality Solutions, Melody Chien and Ankush Jain, October X 2022.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
