Why Data Quality is Essential in a Pandemic-Driven Market

From the pandemic, markets shifted, businesses reacted, and data was collected to learn how we can all move forward. One result was crystal clear from the recent Experian Global Data Management research report: businesses want high-quality, actionable data now more than ever. With this, they can adapt agilely to change, without sacrificing results.

Coming out of this report, read on to discover three main areas where data quality is essential in getting (and staying) ahead.

1. Rapid transformation

75 percent of respondents say they have seen a dramatic change in their customer’s behavior during the pandemic, and therefore, businesses are taking a closer look at their data and digital experiences. To accommodate for shifting business priorities, organizations are using data to mitigate potential risk from current and future market changes. The increased amount of data being collected through online channels means businesses need to take a closer look at their data to understand how to make effective decisions.

Your step toward rapid transformation: Accelerate digital transformation for a seamless customer experience.

Accurate data effectively drives digital transformation. 72 percent of respondents say an acceleration to digital transformation has made their business more reliant on data and data insights. Therefore, prioritize digital transformation projects that will also benefit your database. Initiatives like point-of entry customer contact validation will save your customers time during their checkout experience, but also positively impact the quality of data you are collecting and storing. By prioritizing these projects, you’ll keep your customers happy while collecting valid data for wider business initiatives. At the end of the day, eCommerce success is dependent on data.

2. Data is ready

Strong data is fundamental for success in this changing business environment. Despite this widely recognized fact, many businesses struggle to leverage data to accomplish goals like improved customer experience, better decision-making, and increased innovation. In light of the recent market changes, our research survey revealed that 55 percent of business leaders still say they lack trust in their data assets, hurting their ability to be fully data driven.

Your step toward getting your data ready for the future: Start small and prioritize data quality projects upfront.

Many businesses simply weren’t ready for the global pandemic, specifically when it came to how their data could help them make decisions. To make sure you are prepared for what’s ahead, collect accurate data before it enters your database. That way, no matter what changes arise in supply chains or consumer buying behavior, you have accurate, reliable data informing decisions. In fact, our research found that 95 percent of businesses have seen impacts related to poor data quality. By capturing data from the start, you have a strategic competitive advantage while increasing agility to better handle future challenges.

3. Prepared for what’s ahead

Agility is the secret to success when we think about how businesses will prepare for the future. Now, businesses are ready to fix the gaps that the pandemic put a spotlight on. What are businesses doing today to ramp up? Implementing and executing on their data management strategy. In fact, 77% of our respondents say investing in data management initiatives today will help them better weather the next crisis. That’s why businesses are recognizing and reacting to the increasingly urgent need for robust data management practices that are built with modern techniques.

Your step to prepare for what’s ahead: Strengthen and expand your business’s data management strategy.

To accomplish this, businesses across the globe are focusing on deepening consumer insight, collaborating for societal good, and perhaps, most importantly, investing in the right talent, skills, and tools. No longer should your data experts and technology sit in a silo from the rest of the business. Invest in user-friendly technology and give your employees the right data literacy training, so that data-driven decisions become synonymous with your day-to-day. Investing in the right people, processes, and tools will help your business respond to today’s challenges and have a stable foundation to weather future market shifts.

The one thing that remains consistent is the need for reliable data. Start by implementing the right tools and processes to collect and store high-quality data. You’ll make informed, data-driven decisions to overcome any challenges that may be thrown your way.

Check out Experian Data Quality on AppExchange and read the full research report.