News
 Data
Quality Management—A Statistical Survey
Industries across the business spectrum are seeing
an ROI from implementing data quality improvement
programs into their databases. High data quality is
finally being recognized outside the marketing and
direct mail industries as a necessity to grow and
maintain
Along with a report published by The Data
Administration Newsletter (Tdan.com), numerous
reports issued over the years indicate that
information quality is rapidly increasing in
importance among senior managers. A few years ago,
Tdan.com published the following statistics:
• In 2001, PricewaterhouseCoopers Global Data
Management Survey found 75 percent of the senior
executives reported significant problems as a result
of defective data.
• In 2002, TDWI published its report on Data Quality
in which they estimate that the cost of poor data
quality to US businesses exceeds $600 billion each
year.
• In 2003, a Cutter survey reported that 60 percent
to 90 percent of all data warehouse projects either
failed to meet expectations or were abandoned, with
the underlying implication placing some of the blame
on poor data quality.
According to a more recent study by Leslie Ament of
the Aberdeen Group, more than 85 percent of survey
respondents plan to invest in Customer Data
Management solutions within the next 24 months.
Fueled by the need to create a more effective
operational foundation for data analysis and
decision-support, senior business line executives
intend to become more involved in the selection
process. The Aberdeen research reveals use of
timely, complete, and accurate information leads to
improved customer service levels, reduced
operational costs, increased revenues, and higher
customer satisfaction and retention rates.
What they found is that it’s all about revenues and
customers—growth and retention. Above average
performers attained more than 20 percent annual
improvements in these key metrics:
• Customer retention rates (84 percent)
• Data accuracy / match rates (76 percent)
• Partner/customer satisfaction rates (68 percent)
In essence, data quality management is vital in
running and maintaining a successful business, no
matter what the industry. The ultimate goal is for
senior managers to think of the future of their
companies. Not implementing a data quality solution
could actually cost them more in the long run.
---Source:
Tdan.com (www.Tdan.com) and Aberdeen Group (www.aberdeen.com).
|
|
|
Melissa Data
|
 |
| Enhance your
website, software or database with
easy-to-integrate data quality programming tools
and web services. |
|
|
|
|
 |
|
Save money on postage using leading
mail preparation software and other
direct marketing products. |
|
|
|
|
 |
Update & standardize addresses and
find out more about contacts in your
database.
|
|
|
|
|
 |
Find new customers perfect for your
business with our online and
specialty mailing lists.
|
|
|
|
|
 |
Locate the business information you
need such as ZIP Codes, address
verification, maps.
|
|
|
|
|
Facebook
Twitter
