Study: Revenue Lost to Inaccurate Data

Share this content:
When it comes to data accuracy, organizations worldwide are struggling, according to research commissioned by QAS, an Experian company, and released today.


Only 14 percent of public and private sector organizations globally claim to have customer and prospect databases that are 100 percent accurate, and 73 percent recognize that the data inaccuracy affects their bottom line, the research found.


The study, conducted by independent research organization Dynamic Markets, also showed that fewer than two in 10 U.S. organizations claim that their data are 100 percent accurate, and 77 percent admit this problem costs them money.


Other key findings:


· 99 percent of respondents rate compliance with regulations pertaining to customer or prospect data as important, yet compliance is a key driver for only 35 percent of organizations.


· Main barriers to maintaining accurate databases include lack of time and internal resources (65 percent), keeping track of a transient customer or prospect base (55 percent) and budget (49 percent).


· Only 42 percent of organizations have a dedicated database manager. Within businesses, only 34 percent say a board member takes ownership of their databases.


· 75 percent of companies admit that potential revenue is lost through missed business opportunities from not profiling customers and prospects as well as they could due to data quality issues.


The research was conducted in June. Dynamic Markets was commissioned by QAS to speak to 550 respondents in large public and private organizations in Australia, Belgium, France, Germany, Luxembourg, the Netherlands, Singapore, Spain, Britain and the United States. Sectors include banking, insurance, finance, retail, telecoms, utilities, leisure, tourism, travel and the public sector.


Melissa Campanelli covers postal news, CRM and database marketing for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


close

Next Article in Data/Analytics

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above