UK organisations have emerged as among the worst in a global study for neglecting data quality issues, but the best for complying with related regulation.
Nearly two in every three (58 per cent) of UK executives surveyed said they could not confirm that a documented strategy exists to keep their contact data accurate and up-to-date. This is compared to an average of 54 per cent of organisations around the world that made the same admission.
Despite this, nearly all (96 per cent) recognise that inaccurate data has a direct financial impact on their operations, with 19 per cent admitting to it having a negative impact on revenue or funding.
Although UK organisations have the worst record globally for maintaining a working data quality strategy, the report found they are faring the best in terms of being compliant with database regulations according 87 per cent. The UK is followed closely by North America and the least compliant are the Dutch (73 per cent).
But the report, "Contact data: the profit maker or neglected asset?" carried out by independent researcher Dynamic Markets on behalf of Experian and address verification and data quality software provider QAS, also found a major trend in the number of organisations adopting a strategic approach to data.
Of the 2,078 respondents with a data-related role within in organisations across the UK, Holland, France, North America, Australia and Singapore, 46 per cent said they had a data quality strategy compared to just 27 per cent when QAS commissioned the same research in 2005.
By contrast, the number of organisations around the world that claim to be fully compliant with database-related regulations decreased since 2005, with only 27 per cent making this claim today, compared to when 37 per cent two years ago who believed they were operating within regulations.
