The number of organisations who suspect their data might be inaccurate in some way has increased to 92 per cent, up from 86 per cent last year, the 2015 Global Data Quality Research has found
According to the study by Experian, which interviewed representatives of 1,239 organisations in the UK, US, France, Germany, Spain, Australia and the Netherlands, businesses are increasingly aware of the potential of their data but the majority are still struggling to harness the strategic value of that data, due to two reasons.
The first being a lack of ownership and co-ordination – with almost 63 per cent of organisations lacking a coherent, centralised approach to data quality. And the second being the use of outdated methods to check data accuracy – with 29 per cent of organisations still manually cleaning their data.
Despite this the study found that 95 per cent of companies feel driven to use data either to understand customer needs, find new customers or increase the value of each customer.
Boris Huard, managing director of Experian Data Quality said: "“Getting your data strategy right is vital if you want to be successful in this consumer driven, digitalized age.
“What is particularly encouraging is that companies are increasingly switching on to the value of their data assets, with 95 per cent of respondents stating that they feel driven to use their data to either understand customer needs, find new customers or increase the value of each customer. They recognise that more emphasis on data management and strategy will enable them to satisfy escalating customer expectations."
The findings also show improving data quality reaps rewards given that 70 per cent of companies whose profits have risen sharply in 2014 also plan to invest more during 2015.