Data quality management needs to be ingrained from the initial on-boarding of the customer and throughout their entire journey with the business.
London, UK (PRWEB) August 10, 2012
Capscan, a leading global supplier of international data quality management (IDQM) and customer registration solutions today reports the findings of its 2012 International Data Quality Management (DQM) survey. The independent research reveals that organizations need to overhaul their customer registration and IDQM practices, if they want succeed in taking their products and services out to new and emerging international markets.
The survey was commissioned by Capscan and completed by independent analyst, Graham Rhind in May 2012, to measure the perceptions that international companies have about data quality and the actions that they are taking to achieve improvement. Unsurprisingly, data quality has a high level of importance within organizations (66% stating very important). However, whilst the value of customer data is clear, there is an apparent disconnect between how it is being managed, and the perception of its quality.
Whilst organizations are aware of the commercial benefits of high-quality customer contact data (greater operational efficiency to improved campaign success rates, a more streamlined transaction process and better customer service), and the negative impact of poor information (loss of credibility, and lost revenue opportunities), almost half of the 291 respondents (40.9%) stated that their organizations don’t have an enterprise-wide DQM strategy.
Graham Rhind comments: “62.9% of respondents view their contact data to be excellent, accurate, valid and relevant, or good and sufficient for the task. Yet, one of the most startling findings from the research is the lack of validation that is being applied to the information entering these organizations, from an increasing number of communication touch-points. Over time this neglect can have serious repercussions on customer satisfaction and the overall health of the organization.”
63.3% of respondents stated that ensuring data is kept secure and up-to-date is the biggest challenge facing their respective businesses today, as well as citing data decay (56%) and inadequate data entry (55.7%) as two other primary areas of concern. Whilst 82.5% reported that they collect the customer address and zip code information, 67% the cell phone number and 71.1% the business email address, less than half of all information collected is validated.
“Considering the wide availability of tools available, it is a worrying precedent that so many organizations are failing to validate this basic essential information,” notes Rhind. “As the way in which customers interact with businesses continues to evolve, these organizations need to increase and enrich the data they acquire for their sales and marketing activities, but it must also be accompanied by scrupulous data quality management.”
Capscan provides verified address data for more than 240 countries and territories worldwide and the International Sales Director, David Mead adds: “Data quality management needs to be ingrained from the initial on-boarding of the customer and throughout their entire journey with the business. Our survey shows that organizations are aware of the rewards of a DQM strategy but many are falling short in its implementation and management.” Mead concludes: “Despite little change in the two years since we last commissioned this research there are positive signs that investment is to be made in DQM, MDM, identity authentication, de-duplication and international address management in the next 12 months.”
The full results from the 2012 International Data Quality Management survey are published by Capscan in a new whitepaper entitled ‘Data Quality Insight’, which can be downloaded for free at: http://www.capscan.com.
Capscan, part of the GB Group of companies, was originally established in 1969 and is a leading supplier of international data quality management (IDQM) and customer registration solutions. Capscan is headquartered in London, UK, with more than 1800 customers worldwide across a wide range of commercial and public service sectors. In the UK alone, there are currently more than 140 different government departments, agencies and local authorities using Capscan products or services. In the private sector, Capscan's customers include leading blue-chip and multi-national companies such as Ford Motors, Dun & Bradstreet, Forever 21 and Barclays Bank.
To download ‘Data Quality Insight’, visit: http://www.capscan.com/white_papers.aspx
Follow Capscan on Twitter: http://www.twitter.com/capscanlimited
For further information and to arrange an interview with Capscan please contact Graham Thatcher at MCC International.