Gain better customer insight via improved data quality
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Transcript of Gain better customer insight via improved data quality
© 2016 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of
Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners.
No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian.
Experian Public.
Gain better customer insight via improved data quality Erin Haselkorn Analyst and Public Relations Manager, Experian Data Quality Basil Brown Pandora PreSales – Technical Lead, Experian Data Quality
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Introducing our speakers
Erin Haselkorn Analyst and Public Relations Manager,
Experian Data Quality
Basil Brown Pandora PreSales – Technical Lead
Experian Data Quality
Today’s agenda
Building customer relationships through better data
Trends in data quality challenges
How is data management evolving?
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Methodology
Company Size Industry
1,400 individuals from eight countries across retail, financial services,
telecommunication, manufacturing, healthcare, public sector and more, took part in an interview during November 2015
250 - 499 23%
500 - 999 27%
1,000 - 4,999 28%
5,000 and over 22%
6%
2%
2%
3%
4%
5%
5%
6%
6%
8%
9%
12%
14%
19%
Other
Legal services
Leisure / hospitality
Utilities
Transport & travel
Education
Other public sector / Government
Health
Banking / financial services
Business services
Retail
Manufacturing
IT / telecoms
Building customer relationships through better data
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What’s driving the data obsession?
The biggest drivers behind gathering insights from data are customer related
39%
Finding new customers
Retaining customers
38% 37%
Understanding what customers
want
36% Growing the
business
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The focus on big data
Over half of U.S. businesses already have a big data strategy in place!
Polling Question
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Working towards a single customer view
97% of businesses are looking to achieve a complete view of their customer
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Data collection processes
On average, organizations collect data from 3 different channels
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Why bother with a good data strategy?
Because we’re incorporating technology into every aspect of our lives
Polling Question
Trends in data quality challenges
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Inaccurate data
Most companies today have seen an increase in the amount of data errors.
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Biggest causes of inaccurate data
23% of all customer or prospect data is believed to be inaccurate
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Internal challenges
94% of companies have internal challenges when trying to improve data quality
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External challenges
Research overview Almost half of businesses struggle with data capture and validation
How is data management evolving?
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People, processes, technology
Research overview 78% believe data management is driven by multiple stakeholders
75% believe the quantifying and measuring of data is done departmentally
79% believe data quality responsibility should lie with the business users
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Data quality sophistication curve
Research overview
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Centralized data ownership and management
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Catching up – hiring data professionals
82% of organizations are hiring for data-centric roles as part of their
data management strategy
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Data management projects in the next 12 months
Research overview The top two data management projects deal with cleansing and integration
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Data management five-year evolution
Data management projects will concentrate most on improving CX
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Key takeaways
Businesses get in their own way
The right people aren’t assigned to
address data challenges
Rise in data management
initiatives
Thank you! Stay connected with us for up-to-date insights:
@ExperianDQ
Https://www.edq.com/blog/
To learn how to improve your data management, check out: Creating an ideal data quality strategy