Lack of Data Quality Expertise an Issue for Businesses
As the amount of data created by businesses and their consumers increases, the need to organize and comprehend this data in a meaningful way increases as well. Unfortunately for many companies, in-house data quality expertise is expensive to hire or develop internally, while time and money are certainly highly-prized commodities for any sized company. According to a report from Forbes, 27% of the 300 Senior Executives at companies in North America, Britain and Ireland reported that the data quality skills gap was a major roadblock to their data and business analytics efforts.
Outsourcing Data Quality and Business Analytics Initiatives
Companies that offer data quality solutions and expertise are fast-becoming the most attractive alternative to trying to train or headhunt data quality experts. According to the report, 55% of the executives that took the survey said that third-party data quality and analytics partners produced better work that initiatives done within the company.
Poor Data Quality Creating Demand for Expertise
The demand for experienced and knowledgable data quality solutions stems from an endemic issue: a complete lack of confidence in their data quality on the part of organizations. In fact, according to the Forbes survey, just 42% of executives had confidence in their business’s data quality.
Antiquated Tools Mean Poor Data Quality
The survey suggests that a major obstacle to achieving an optimal level of data quality is the outdated tools used to collect data. 23% of respondents said that their companies still utilize basic spreadsheets as their main method of storing business data. Without a data management and data quality solution, companies face using inaccurate information to make important decisions, just as the volume of business data that needs to be stored and analyzed increases exponentially.
The survey shows that companies who wish to address data quality issues in order to gain a competitive advantage over competitors should look to third-party data quality solutions to make a faster, more effective impact on quality of their business data