Data Quality A Challenge and A Priority

Data accuracy — and confidence in data accuracy — is a key component of trusted data. This makes Data Quality A Challenge and A Priority. Departments closest to the data, like data and analytics teams, have the highest confidence in their data accuracy. Confidence among line-of-business leaders is lower, revealing an opportunity to instill data confidence across marketing, sales, and service teams. 57% of data and analytics leaders have complete confidence in their data’s accuracy.

Overall, there is room for improvement. Increased tracking of critical metrics, such as data quality, data utilization, data management and costs, data services delivery, and the ROI of data initiatives, could be one giant leap forward in making such an improvement.

Surging Data Overwhelms Users — And Poses an Opportunity

Business leaders’ second biggest data challenge, dealing with overwhelming volumes of data, shows no signs of abating. Over two-thirds of analytics and IT leaders expect data volumes to increase 22% on average over the next year. They expect similar growth rates across a variety of sources including third-party data and device data.

For data leaders, increasing and diverse data sources require more effort to standardize data. This is likely to worsen a major challenge for analytics and IT leaders: lack of data harmonization (i.e., standardizing data from different sources). Overcoming this challenge presents an opportunity for differentiation.

Almost two-thirds (65%) of customers say they expect companies to adapt experiences to match their changing needs, yet 80% of business leaders say personalization is difficult to scale. For companies looking to serve more tailored experiences, mature data management capabilities are a key competitive advantage.