Organizations Are Prioritizing High-Quality Data to Respond to Market Disruptors

Over the next year, market disruptions, including advancement in artificial intelligence (AI), rising operational costs, depleting skill shortages and shifting consumer expectations, are expected to increase. As a result, organizations are investing in high-quality data to stay ahead of the ever-changing technology landscape, according to new Experian research.

With more than 500 business leaders surveyed, 88% affirm that market disruptors and challenges are set to intensify over the next year. As a result, 87% of respondents say that high quality, trusted data plays a critical role in responding to these challenges.

Data investment extends beyond the data

In addition to investing in high-quality data, organizations are focused on the people, processes, and technology that interact with the data. Almost half (40%) of surveyed leaders indicate they are hiring and developing business users’ data skills, while 37% are hiring and developing data professionals. Forty percent have stated they are investing in the automation of data quality rules and processes, and 35% are implementing a data governance program.

“Coming out of the pandemic, the business landscape has transformed drastically, reflecting a bit of a technological revolution. High-quality data is a stabilizer during times of change or uncertainty,” said Simone Lima, general manager of Experian Data Quality. “But high-quality data encompasses more than just the data itself. It’s important for organizations to shore up other aspects of the data process, including staff and automation, to truly make the most of the valuable information it provides.”

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Benefits of high-quality data

Having high-quality data can result in a valuable business impact both internally and externally. The survey revealed that business leaders believe improving trust in data is expected to benefit organizations by:

• Improving customer experience (42%)
• Better response to market changes and disruption (35%)
• Allowing greater business agility to react to rapid market changes (39%)
• Improving competitiveness and differentiation (35%)

“Preponderantly speaking, high-quality data provides the entire organization with relevant insights to deliver a better customer experience, respond to new trends and stay ahead of competitors,” continued Lima. “Businesses don’t just want to survive in today’s marketplace, they want to succeed. Having the most up-to-date consumer information to better understand who their target audience is and how to reach them is key to staying relevant.”

SOURCE: Businesswire