Better leverage your data: Overcome common data quality challenges

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Experian Public.
©2015 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of
Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners.
No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian.
Experian Public.
Better leverage your data
Overcome common data quality
challenges

2©2013 Experian Information Solutions, Inc. All rights reserved.
Experian Public. 2©2015 Experian Information Solutions, Inc. All rights reserved.
Experian Public.
Speakers and agenda
Erin Haselkorn
Analyst & Public Relations
Manager
Today’s agenda:
• Setting the stage: the data
accuracy challenge
• Why is data management so
hard?
• What can marketers do?
• Case study
• Q&A

Experian Public.
Data creates opportunities

Experian Public.
58%
55%
51%
47% 46% 44% 42%
35% 34%
22%
4%
0%
10%
20%
30%
40%
50%
60%
70%
Reason for maintaining high quality data
Increased efficiency Enhancement of customer satisfaction
Enable more informed decisions Cost savings
Protection of organization's reputation Capitalize on market opportunities through profiling
Reduction of risk Compliance
Single customer view Help the environment
Other
Wide use of data| Information touches every aspect

Experian Public.
Turning data into insight| Desire to stay informed
53%
51%
49%
45%
37%37%
28%
4%
2% 1%
0%
10%
20%
30%
40%
50%
60%
Drivers for turning data into insight
Wanting to understand customer needs
Wanting to find new customers
Wanting to increase the value of each
customer
Secure future budgets
Wanting to determine past marketing
campaign performance
Customization of future campaigns
Driving more traffic from one channel to
another
Other
None
Don’t know

Experian Public.
Turning data into insight| Needed for marketing success
As marketers continue to automate processes and work within tighter
timeframes to keep up with consumers, maintaining and analyzing
accurate data will be critical.
53%
45%
21%
41%
32%
25%
48%
4%
0%
10%
20%
30%
40%
50%
60%
Data essential for marketing success
Data sets essential for marketing success
Contact data Demographic data Geolocation data Behavioral data
Preference data International data Sales data Other

Experian Public.
Data not always useful

Experian Public.
High degree of errors| Plagued by inaccuracy
On average, US organizations believe 32 percent of their data is
inaccurate, up from 25 percent just a year ago
47%
19%
42% 39%
23%
33%
47%
4% 3% 1%
0%
10%
20%
30%
40%
50%
Most common data errors
Most common data errors
Incomplete or missing data Spelling mistakes Outdated information
Duplicate data Typos Data entered in the incorrect field
Inaccurate data Other None
Don’t know

Experian Public.
High degree of errors| A lesson in human error
20%
26% 28%
25% 26%
31%
60%
39%
4%
1%
0%
10%
20%
30%
40%
50%
60%
70%
Reason for inaccuracy
Inadequate senior management support Insufficient budgets
Lack of internal manual resources A lack of relevant technology
Inadequacies in relevant technology Inadequate data strategy
Human error Lack of internal communication between departments
Other Don’t know

Experian Public.
Maintaining data quality
is a challenge

Experian Public.
Unsophisticated approaches| Data quality strategy
17%
29%
29%
22%
3%
Sophistication of data quality approach
Unaware
Reactive
Proactive
Optimized
Don’t know

Experian Public.
Lack of ownership| Data belongs to everyone and no one
43%
See potential to
monetize high
quality data
68%
Believe it is difficult to
find a stakeholder
without a siloed view
of data management
4 out of 5
see data as a
valuable asset
that is not being
exploited
17%
Businesses
believe they
could increase
profitability if data
were higher
quality

Experian Public.
Challenges unresolved | Data constantly evolving
10%
21%
26%
31%
31%
35%
36%
36%
38%
39%
41%
42%
48%
Standardization and select cleansing
Inter-enterprise data sharing
International support
Single customer view
Data profiling / discovery
Workflow tracking
Visualization of data quality metrics
Monitoring and governance
Real time processing
Data capture and validation
Increasing variety of data
Increasing volume data
Data quality issue resolution
Biggest challenges to managing data

Experian Public.
Data management lacks skills| Shortage in staff
11%
8%
22%
23%
27%
27%
30%
35%
37%
37%
None of the above - no failing points
Lack of project ownership
Lack of alignment to business objectives
Inadequate scoping of the project
Business does not yet place value on data
as an asset
Organization doesn't see the need to be
proactive about data quality
Lack of support from the Board
Lack of knowledge of the importance of data
quality
Lack of investment in appropriate technology
Lack of relevant skills / staff
Main data quality failing points

Experian Public.
Marketing’s task

Experian Public.
What can marketers do?
Marketing doesn’t always collect the data, but it can
encourage better data stewardship
• Start with contact data
• Prioritize your data challenges
• Understand your silos
• Identify steps that will make a difference
• Know your third party suppliers

Experian Public.
Start with contact data
Contact data is the foundation. Use it to aid in marketing
communications, a single customer view, customer service,
intelligence, and much more.

Experian Public.
Prioritize data challenges
• How do you identify data issues today?
• How do you resolve those issues?
• Where is the most data collected?
• How is data used in marketing?
• Where do you see the biggest pain
points?
Data Quality
Management

Experian Public.
Understand silos
Marketing doesn’t always collect the data, but it can
encourage better data stewardship

Experian Public.
Identify steps for improvement
Every organization will be different in how they tackle data
improvement, but there are some similarities
Changes in staffing
Fewer manual processes
Investment in technology
Central ownership

Experian Public.
Know your third party suppliers
You are making decisions using information from someone
else. How much can you trust it? Does it benefit your
customer?

Experian Public.
Case study

Experian Public.
 Many of us don’t trust our data
 Creating an effective data management
strategy is not easy
 It takes more than just Marketing
 Start with contact data
 Take steps that will make the biggest
difference first
Summary

Experian Public.
Q&A

Better leverage your data: Overcome common data quality challenges

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