Over the next year, 91 percent of business leaders are prioritising improving data quality on some level. According to our 2021 Global data management research report with everchanging consumer buying behaviors and accelerating digital transformation, businesses have become heavily reliant on data and data insights.
There are many reasons as to why businesses—retailers, financial services, education, and so on—are focusing on improving their data quality:
- The impact of poor data quality is creeping up
- Staying ahead of shifting consumer buying behaviors
- Advancing top business priorities
Data accuracy gets you the results you need and more. Think: Digital acceleration, operational excellence, and improved customer experience.
Our latest research surveyed over 500 business leaders across the globe on how their data perception and usage has changed since the start of the pandemic—and how they are using data to move forward.
Top reasons data quality is trending
The impact of poor data quality is creeping up
We find that 95 percent of businesses have seen impacts related to poor data quality. What are these impacts? Our research shows us that poor data quality results in the following:
- Wasted resources and additional costs (40%)
- Damaged reliability of analytics (36%)
- Negative impact to customer relationships and trust (32%)
- Negative affect to customer experience (32%)
- A slow-down in digital transformation (31%)
What’s even more daunting is the fact that businesses have been experiencing these impacts of inaccurate data for the last two years.
Think about how this has affected you when the pandemic was in full swing and how poor information will affect the future of your business—especially with the drastic shifts in consumer loyalty. The global economic shutdown and health crisis has made businesses realise how important high-quality data is to an organisation’s success.
Staying ahead of shifting consumer buying behaviors
Our research uncovered that 75 percent of businesses have seen a dramatic change in their customer’s buying behavior during the pandemic. Let’s take this finding from your customers’ shoes and understand their reasoning.
In the midst of quarantine, consumers either halted spending on unnecessary goods, increased their spending on essential goods, shopped online to avoid in-person contact, or even started purchasing new brands for more affordable prices (can we say store-brand toilet paper?). All in all, most people discovered a knack for bargain shopping in the last year.
On the other side, consumers were in a state of moment—even during lockdown. Most people went from being in the office to full-time remote. Some offices stayed open. Others found a silver lining and moved to a place they’ve always wanted to.
What does this mean for businesses and their data? When a company is equipped with accurate and reliable consumer contact information, not only can they operate efficiently in a remote environment and boost team performance, they can also ensure the delivery of a positive customer experience:
- Consistently stay connected with consumers through digital platforms
- Ensure they are reaching consumers through preferred communication channels
- Make sure their customers’ online orders reach the right destination
Every department—from customer service, sales, to marketing—could benefit from having high-quality, relevant consumer contact information to make more informed decisions about what is best for consumers to retain loyalty, even after the market settles.
Keeping up with business priorities
We find that the top priorities for businesses include improving customer experience and data security. If this sounds familiar, then you’re right, these are the same priorities businesses listed in our research last year.
Now, more than ever before, organisations need to rely on data and data insights to help improve customer experience and ensure data security. In a digital environment, businesses need to find innovative ways to stay connected with customers, deliver a positive and consistent experience, while ensuring the security of their data is upheld in a remote setting.
With the right tools, businesses can ensure they are capturing and validating customer contact data in real time while maintaining the quality and securely managing the information on the back end.
This past year, business have realised the importance of data quality, and how data and data insights are key to adapting to drastic market changes.
Now is the time to ramp up your data quality initiative. Learn how business leaders across the globe are utilising their data and planning for the future.