Experian 2020 report highlights the need for cleaner data
This year’s Experian Global Data Management Report (2020) makes interesting reading for any businesses looking to leverage data more effectively in the pursuit of more granular customer insights.
It’s easy to see how data has become the key driver for critical business initiatives: it gives businesses the insights they need to make better decisions, forge profitable relationships with consumers and gain the advantage in an increasingly competitive environment. However, although data is more abundant than ever, it appears that the availability of trusted data is rather more elusive.
For market research companies and panels, accurate data is their lifeblood. Yet, Experian’s research shows that levels of inaccuracy regarding organizational data remain high. Tellingly, this year’s respondents believed that 28% of their customer and prospect data was likely to be inaccurate, with only half of organizations polled considering the current state of their CRM or ERP data as ‘clean’.
It’s a statistic that serves as a sharp contrast to the 98% of organizations that say having high-quality data is either ‘extremely important’ or ‘important’ in achieving their business objectives.
We all need to become more serious about managing data as an asset. But, if the prevalence of trusted data is to become a reality rather than a pipe dream, businesses need to have the right people, processes and technology in place to return complete, valid, accurate and reliable results time after time.
A dynamic approach to data hygiene
At Imperium, we’re all about generating better, cleaner data. Our data integrity solutions are designed to deliver validated datasets via a series of invisible, fully automated processes, returning the trusted, verified insights our customers rely on.
Imperium customers already appreciate the benefits of using Verity®, a tool that quickly authenticates respondents’ self-reported data, as well as our CASS™-certified postal record-checking tool, Address Correction™.
Our latest innovation offers a quick and effective method for verifying respondent information from the get-go. RegGuard® uses our flagship ID-validation API RelevantID®, together with Fraudience®,Real Answer® and Real Mail™ tools during registration to perform a 360-degree check on the individual registrant – before they’re added to your panel.
This multi-functional tool not only weeds out fraudsters and dupes but also verifies their IP reputation. RegGuard® can determine whether the registrant is inputting appropriate info into any open text boxes, as well as checking for a valid email address – thanks to the Real Mail™ tool that helps reduce bounce rates and prevents senders being added to blocklists.
Items are scored and returned together with a flag that makes it easy to identify registrants for processing or removal. RegGuard® is customizable to enable the various check to be weighted differently.
Improving data insights
Data hygiene is crucial – especially as AI and ML are increasingly used in the quest for greater insight into consumer behavior. In the Experian report, Mike Kilander, Global Data Quality MD comments: “While the business wants to be agile and informed by data, this level of distrusted data often leads leaders to fall back on making decisions by gut instinct rather than by informed data insight.” By empowering market research companies and panels to take control of data quality, we can help rebuild the trust that’s essential to underpinning growth and innovation in the sector.
Imperium solutions are:
• Cloud-based and platform-independent
• Invisible to users with no impact on experience
• Customizable with flexible deployment options
If you’d like to learn more about our full-featured response or to request a free trial, contact us at firstname.lastname@example.org to discuss your requirements with an expert member of our team.