Disruption has been the name of the game this year as brands and businesses dropped everything to make AI a top priority, and it should be no surprise that there’s plenty more where that came from. Over the next year, these disruptions, including advancement in AI, rising operational costs, depleting skill shortages and shifting consumer expectations, are expected to increase. As a result, organizations are investing in high-quality data to stay ahead of the ever-changing technology landscape, according to new research from data analytics and consumer credit reporting firm Experian.
The firm’s new study, Mastering Tomorrow’s Markets: The Data Quality Revolution, based on its survey of more than 500 business leaders, finds 9 in 10 (88 percent) affirming that market disruptors and challenges are set to intensify over the next year—and 87 percent of respondents say that high quality, trusted data will play a critical role in responding to these challenges.
Data investment extends beyond the data
In addition to investing in high-quality data, organizations are focused on the people, processes, and technology that interact with the data. Almost half (40 percent) of surveyed leaders indicate they are hiring and developing business users’ data skills, while 37 percent are hiring and developing data professionals. Forty percent have stated they are investing in the automation of data quality rules and processes, and 35 percent are implementing a data governance program.
“Coming out of the pandemic, the business landscape has transformed drastically, reflecting a bit of a technological revolution. High-quality data is a stabilizer during times of change or uncertainty,” said Simone Lima, general manager of Experian Data Quality, in a news release. “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.”
Benefits of high-quality data
Having high-quality data can result in a valuable business impact both internally and externally. The survey revealed that business leaders believe improving trust in data is expected to benefit organizations by:
- Improving customer experience (42 percent)
- Better response to market changes and disruption (35 percent)
- Allowing greater business agility to react to rapid market changes (39 percent)
- Improving competitiveness and differentiation (35 percent)
“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,” continued Lima. “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.”
Additional survey findings:
- 41 percent of businesses are investing more in data as they maintain the investment promotes sustainability and growth.
- 8 out of 10 say data observability will be important in the next year.
- Almost a third of leaders say that agility is an important priority to better manage uncertainty.
- 33 percent say that technology advancement in AI is one of the biggest market pressures.
- 26 percent believe that investing in the employee experience is a top priority for this year.
