The Data Quality Formula Infograpic
Each year Experian Data Quality commissions research on the data quality market to determine industry trends and benchmarks.
The infographic emphasises the importance of ‘The Rule of 3’ when it comes to how companies manage their data assets. Detection, Analysis and Resolution are the key elements to ‘The Data Quality Formula’ and without all 3, the formula cannot be solved.
Findings reveal that organisations are taking an ad-hoc approach to the way they manage their data and as such most are dissatisfied as a result. All good things come in 3s and your approach to data quality is no different.
78% of organisations said they take a reactive approach to detecting data problems, meaning data issues are identified by an employee, customer or prospect. This infographic portrays this scenario as a ‘hear no evil, see no evil’ situation because data issues don’t just go away, instead they multiply.
When it came to analysis, 64% of those surveyed said they were dissatisfied with the way their data analysis is carried out. This isn’t surprising when 65% say they are using ‘outdated spreadsheet software.’ Without thorough analysis of data, we are blind to data issues. Most are either not using the right tools, or are simply not using them to the best of their ability, meaning hidden errors cannot be seen.
When asked about resolving data issues, 50% say they don’t have a stringent process for this and cleanses are just carried out on an-hoc basis. It isn’t surprising therefore that 61% of those surveyed aren’t completely satisfied with their resolution strategy.
For organisations to make the most out of their data they must understand ‘The Rule of 3.’ Without ‘The Rule of 3’, the formula just won’t add up. Each part of the formula is critical to success, and one cannot be done without the other. View the infographic and ensure you adopt The Rule of 3 and resolve those hidden errors within your data.
*All data used in this infographic is drawn from the ‘Company Data Quality Research 2014’ and the ‘Global Data Quality Research 2014,’two independent market research reports commissioned by Experian Data Quality and produced by Dynamic Markets.