Most firms lack control of, confidence in their own data
A majority of organizations are struggling to unlock the true potential of data because of a lack of control, leaving many with untrusted data that undermines business innovation and customer interactions.
That is among the findings of new research from consumer credit reporting company Experian. The company surveyed 1,000 data practitioners from organizations around the world, and found that although 75 percent think responsibility for data should ultimately lie across multiple departments with occasional help from IT, only 13 percent are currently doing this.
Incorrect ownership of data (69 percent), lack of trust in data (49 percent) and information overload (65 percent) are the main factors preventing companies from leveraging data to achieve their strategic objectives.
A large majority of organizations (95 percent) also admit seeing detrimental effects from poor data quality, which could be negatively affecting customer experience, business efficiency, and organizational reputation.
The report also found that although nearly all of the organizations use data to improve their customer experience, 89 percent said managing their data is a challenge. They also struggle due to incomplete data (38 percent), a lack of skills to manipulate and gain insights around data (33 percent), and a lack of trust in data (33 percent).
A lack of control over information impedes the ability of 70 percent of organizations to meet strategic objectives