There's an interesting report by Experian on how organizations are ignoring basis steps in taking care of their data. The report entitled, ‘Contact Data: Neglected asset seeks responsible owner’, surveyed 2,078 organisations worldwide, and revealed that the overall approach to data quality and integrity around the world is at best half-hearted and, at worst, cavalier.
Take a look at the topline of the report:
- Nearly a quarter of organisations (23 per cent) use data for strategic planning and decision making every day, responsibility for the upkeep of this data is passed from pillar to post.
- 59 per cent of respondents said that responsibility sits with middle management, from a CRM Manager through to an IT or Sales Manager.
- Only 50 per cent of organisations went on to say that data quality is championed by someone at board level.
- Organisations admitted that only half (52 per cent) of their employees have bought into the importance of data quality, revealing a lethargic approach to an issue that affects business success on a day-to-day level.
- Only 46 per cent of the same sample said they have a documented data quality strategy in place.
- 34 per cent said they do not validate any of the information they collect on their customers and prospects, whether that be name and address, contact number, e-mail address or bank account information.
My take: Looks like in many organizations, while customer data is touted as the most important asset, the efforts taken to upkeep the quality leaves much to be desired. It needs commitment at the C-level, else it is not seen as priority by many operating managers. This must become a part of the KRA or KPI of every operating business head and CXOs must ensure compliance if they want their organizations to succeed in the future by leveraging this information.