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Study: Customer Data Quality a Basis of Business Growth

Nine of 10 of “Best-in-Class” businesses plan to implement enterprise data management solutions within two years, and 74 percent plan to implement formal master data management programs, writes CRM Buyer, citing a recent study from Aberdeen, MarketingCharts reports.

“Poor data quality can impact an organization in a myriad…ways,” writes CRM Buyer. “With the proliferation of customer data silos and the increased demands that customers are placing on organizations, every manager instinctively knows that data quality is a serious business issue.”

According to the Aberdeen study, “Customer Data Quality: a Foundation for Customer and Revenue Growth”:

• 70 percent of best-in-class firms have identified competitive and growth pressures as the leading driver for customer data quality initiatives, and those organizations are are more likely than others to consider data quality initiatives a top priority (80 percent vs. roughly 50 percent).
• Best-in-Class organizations reported significantly better results than others in metrics such as improvement in customer data integrity (94 percent), usability of customer data (95 percent) and the time it takes to prepare customer data for business use (89 percent).
• Nearly all Best-in-Class businesses invest in a data process management (98 percent) and data collection, cleansing and analysis tools (100 percent).
• Some 83 percent of those organizations have assigned accountability for data quality, and 79 percent have a process to get cross-functional consensus on data quality goals, priorities and actions.