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.”
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.”
Additional survey findings:
- 41% of businesses are investing more in data as they maintain the investment promotes sustainability and growth.
- 8 out of 10 say data observability will be important in the next year.
- Almost a third of leaders say that agility is an important priority to better manage uncertainty.
- 33% say that technology advancement in AI is one of the biggest market pressures.
- 26% believe that investing in the employee experience is a top priority for this year.
For more information on Experian’s annual data quality research report, please visit https://www.edq.com/resources/data-management-whitepapers/mastering-tomorrows-markets-the-data-quality-revolution/.
About Experian
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 22,000 people operating across 32 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
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