Trust in Data Declines: Report

Friday, February 10, 2017 @ 02:02 PM gHale

In the Industrial Internet of Things (IIoT) data is king, but it also has to be reliable, however, as it turns out, businesses just don’t trust their data, a new survey said.

While data supports major business initiatives, the level of data accuracy appears lower, and without trusted data, quality decisions cannot occur, according to a survey by Experian Data Quality.

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Businesses leverage data to increase revenue and better serve their customers. Along those lines, 84 percent of U.S. organizations said they believe data is an integral part of forming a business strategy. However, organizations lack confidence in their data.

On average, businesses believe 27 percent of their data is inaccurate, and the C-suite estimates error levels to be even higher, the report said.

It seems hard to believe, but 52 percent of organizations rely on educated guesses or gut feelings to make decisions based on their data. While businesses are starting to make strides in improving the issue, many of the efforts end up based in departmental silos and lack consistency across data sources. This is due, in part, to the difficulty of building a compelling business case for an enterprise-wide data quality program.

The study, which polled more than 1,400 data professionals across eight countries around the globe, showed organizations struggle with inconsistent, legacy data management practices.

Also, the survey found 82 percent of organizations have less than optimum data management practices, leaving significant room for improvement.

A big challenge is existing data management strategies end up based on individual departmental silos or sit primarily within IT organizations. However, data usage is shifting out of IT and into the business units. In fact, 70 percent of organizations globally believe the responsibility for ongoing data quality ultimately should lie with the business, with occasional help from IT.

Other key findings include:
• 62 percent of organizations said the IT department has the greatest influence on how data ends up handled.
• 73 percent of C-level executives said inaccurate data is undermining their ability to provide an excellent customer experience.
• 85 percent of organizations globally experienced more timely and personalized customer communications as a result of improving their data quality solution.

Click here to register for the report.

One Response to “Trust in Data Declines: Report”

  1. […] security issues in the manufacturing automation sector. This content originally appeared on Edited by Chris Vavra, production editor, CFE Media, Control […]

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