Get the data basics right
Get the basics right, use incoming regulation as a stimulus to innovate, and choose the right tools to manage the data. Those are the three key conclusions drawn by credit reference agency Experian from a recent survey, “Embracing the data challenge in a digitalised world”.
Paul Malyon, data strategy manager at Experian Data Quality, gave examples of how organisations can get the basics right by focusing on data quality. He said they should test email addresses and mobile phone numbers to make sure they are genuine, regularly validate email and mobile data to make sure they are still deliverable and usable as well as look at suppressions. Malyon said that, “the basics are absolutely critical” and data-driven organisations should ask themselves the question: “Are we doing everything we can to ensure the quality of that data?
The survey of one thousand employees from the UK, US, Brazil and Australia found that, on average, 30% of current customer or prospect data was thought to be inaccurate. This would have a negative impact on consumers as almost seven in ten respondents believed that inaccurate data will undermine their ability to deliver excellent customer service.
The second conclusion is that regulation can be a jumping off point for innovation. Malyon said that, with GDPR and e-privacy regulation coming in later this year, organisations have a “once-in-a-lifetime opportunity” to reassess their data strategies. He said that research has shown that the more someone trusts a brand with their data, the more likely they are to share it.
As such, GDPR creates an ideal catalyst to ensure that data management is in order. Malyon said that organisations should focus on things like single customer view, having the right platforms, processes, tools and training in place. He said: “GDPR is a good supporting tool to do the kinds of things that may have been pushed back in the past around data management and data governance.
