In an era marked by incredibly rapid technological advancements, escalating operational costs, skill shortages, shifting consumer expectations and much more, organizations are turning to high-quality data resources as their compasses, metaphorically speaking, as they navigate through variable market disruptions.
In that vein, Experian's latest research – surveying more than 500 business leaders – underscores this trend: a striking 88% anticipate these disruptors intensifying in the coming year, with 87% acknowledging the key role of consistently trusted data in responding to these changes.
Beyond mere data accumulation, the focus is expanding to encompass the personnel, processes, and technologies that intersect with data. A significant portion of leaders (40%) are enhancing business users' data skills, while others (37%) are fortifying their teams of actual data professionals. Moreover, 40% are automating data quality rules, and 35% are implementing data governance programs.
Simone Lima, Experian Data Quality's General Manager, emphasizes, "Coming out of the pandemic, the business landscape has transformed drastically, reflecting a technological revolution. High-quality data is a stabilizer during times of change or uncertainty. 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.”
Clearly, the benefits of this data-centric approach are manifold. Business leaders pinpoint improving customer experience (42%), better navigating market changes (35%), and enhancing business agility (39%) as key outcomes. Additionally, 35% see this as a pathway to heightened competitiveness.
Lima added, "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. 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.”
To cap this off, further survey insights reveal 41% of businesses increasing their data investments, recognizing its role in fostering sustainability and growth. Data observability is on roughly 80% of leaders' radars for the coming year, while a third prioritize agility to manage uncertainty effectively.
Overall, crucial investment focuses require further study. To learn more, read here.
Edited by
Greg Tavarez
