– A survey carried out with more than a thousand professionals indicates that, in the world, the quality of information impacts companies' expenses and resources;
– 85% believe this is one of the most valuable items, but still face a lack of understanding of the results
A high level of inaccuracy and difficulty in understanding the data show that 50% of Brazilian companies claim that their reliability of the analysis is impaired. According to Experian's Global Data Management Survey, another problem pointed out by the more than a thousand professionals interviewed in Brazil, the United States, the United Kingdom, Germany, France and Australia is the loss of resources and additional expenses generated by the poor quality of information – 42% locally and 41% on global average.
These costs associated with poor corporate governance are a challenge for 78% of businesses, with 28% saying this is a significant issue. Brazil is above the global average, with 87% claiming to be a problem. This expense is generated due to bad practices, which creates insecurity. The survey indicates that two out of five organizations say employees are not convinced that the insights generated are effective.
According to Serasa Experian's Marketing Services Solutions Manager, Thomas King, “Accurate and reliable data enables an increase in competitive advantage, reflected in offering a better customer experience, better decision making, more innovation and efficient business practices.
Over the past decade, this front has helped businesses thrive, but we still see organizations that lack the skills and resources to make the most of the data they have. A good solution for companies facing difficulties in structuring themselves is to seek partners and suppliers who have expertise in transforming data interpretation into practical actions”, advises King.
76% of companies have not yet defined strategies to reduce the costs associated with poor data governance
Despite increased awareness and actions to be taken, many companies have not yet translated this into expected results and see insufficient and inaccurate information negatively influencing initiatives: 76% of them claim they do not have an ongoing strategy to address cost issues, even though 64% say they plan to do this quickly. The report found that 90% of domestic companies are still struggling to embed meaningful insights into their processes, making data available to more people, while the global average is 77%.
Thomas says, “To address the challenge, businesses must invest in data quality using a cross-employee approach that avoids the accumulation of information in a single group. Without quality standards, checks and processes to manage how these inputs are captured, maintained and leveraged, costs will continue to grow.”
Having knowledge of data will be critical in the next five years
According to the survey, professionals need to improve their ability to read, work and analyze data, something that will be critical in the next five years for 84% of businesses around the world. In Brazil, this number reaches 90% – the highest among those interviewed – see below.
The vast majority of companies globally (85%) say data is one of their most valuable assets and 36% say the knowledge to get the most out of them is crucial to innovating and preserving the company's future. To address this theme, 30% of companies have programs in place to empower employees and 36% say they are planning to establish something like that next year.
“Despite facing some difficulties, we have already observed that organizations are beginning to develop best practices to qualify information and increase performance, such as training employees and creating strategic positions”, comments Thomas.
To see the full report, go to:
https://www.serasaexperian.com.br/blog/pesquisa-gestao-dados-2020
Methodology: The survey interviewed 1,100 people in Brazil, the United States, the United Kingdom, Germany, France and Australia, representing companies from a variety of industries including IT, telecommunications, manufacturing, retail, business services, financial services, healthcare, public sector, education , utilities and others. Respondents held positions of data analyst, financial analyst, data engineer, data administrator, risk manager, CDO (Chief Digital Officer) and CMO (Chief Marketing Officer).
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