The true cost of bad data

99% of organisations claim to have a data quality strategy; but 91% struggle with basic contact detail quality.

Experian Data Quality has published its 2014 survey of how organisations are managing the quality of their data assets.Representatives of over 1200 organisations in France, Germany, The Netherlands, Spain, the UK and the US were interviewed.  The average number of internally managed databases per organisation was eight and representatives from a range of functions, including HR, Finance, CRM and Customer Services were interviewed.Customer contact data is considered the most valuable, followed by sales data and demographic data. Organisations are keen to maintain high quality records for a variety of reasons, including to drive efficiency, to enable informed decision making and to enhance customer experiences. However, on average organisations reported 12% wastage of marketing spend due to bad contact information.  This does not include hidden reputational damage and reductions in customer service quality.Multi-channel strategies are increasing the room for data errorMost interestingly, the organisations that had the largest number of contact databases were also the ones which cited ‘lack of information' as a barrier to success.  A key issue in these organisations is a siloed approach to data quality.Data errors - key findings
  • Organisations estimate 22% of their contact data is inaccurate in some way
  • 24% blame their organisational data strategy
  • 52% say call centres are biggest source of problematic data
A role for information professionalsAnd when it comes to using data to drive business decisions, over 80% of organisations aid they had problems generating meaningful analytics.
  • 29% said their organisations had insufficient data
  • 16% said their organisations had too much data!
The report can be downloaded free of charge by following the link on this page.