Manual Data Management Causes Vulnerability
BOSTON — A study on contact data management revealed that the majority of firms in the U.S. still handle at least one aspect of data management manually, leaving them more vulnerable to fraud, errors and redundancies.
Experian QAS recently released "Contact Data Management: Bridging the Gap," which explored data quality practices and found that while 87% of organizations have a documented data quality strategy, 73% still rely on at least one manual task to manage the accuracy of that data.
• Those organizations that have made improvements to data quality processes in the past two years have generated an average of $1.2 million in incremental profits.
• 79% of U.S. organizations have experienced at least one negative consequence during the last three years as a result of data accuracy issues. Top consequences include wasted budget, poor customer perception and loss of potential customers.
"Businesses understand the need for accurate data quality, but they struggle to accomplish it due to a reliance on manual data cleansing processes," said Thomas Schutz, SVP of Experian QAS. "Organizational leaders need to eliminate the possibility for human error, allowing them to realize cost savings, operational efficiency and other business benefits from achieving accurate contact data."