Experian QAS research shows that despite 99% of businesses embracing a data quality strategy, both automated and manual data checking are less commonly applied today than they were in 2012.
And even when data is checked, nearly a third of firms still do it manually – working through databases line-by-line – increasing the likelihood of human error.
The report shows the average organisation believes 17% of its total data is inaccurate. Almost a third of respondents (29%) claim this leads to the loss of potential new customers and a quarter (26%) to reduced customer satisfaction.
There has, however, been a significant shift in attitudes towards the task of managing data quality, with 99% of companies surveyed now having a data quality strategy in place, compared to only 45% in 2009.
“The strategic significance of data quality management is now clearly understood with the majority of companies having a strategy in place,” said Joel Curry, managing director at Experian QAS. “However, less is being done to manage data quality on a process level – both automated and manual data checking are less commonly applied today than they were in 2012.
“This disconnect between strategy and application is a serious issue, and businesses have shown in the research that they understand the direct and indirect costs of poor data quality.”
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