Technology Record - Issue 24: Spring 2022

68 www. t e c h n o l o g y r e c o r d . c om For all business leaders, the past two years have been filled with trial and error as we continue to navigate this unprecedented time of health and safety, regulations, and shifting consumer needs. As the global economy seeks stability throughout the fluid pandemic mandates, we are finding that high-quality data has been a key play to maintaining customer centricity. New research from Experian has revealed that better data management and data quality has helped businesses to navigate the Covid-19 pandemic, bringing them closer to their customers. The annual Global Data Management report, which surveyed 905 data practitioners and datadriven business leaders worldwide, found that 89 per cent of businesses regarded contact data as key to customer engagement, while 88 per cent suggest data management has allowed them to keep up with understanding their customers’ rapidly changing needs as they continue to be impacted by the pandemic. However, inherent barriers are hampering businesses from maximising on data usage, such as a lack of data skills and a decline in data accuracy. Over three quarters say that inaccurate data hurt their ability to respond to market changes during the pandemic, while 39 per cent say poor quality data has negative effects on customer experience. Meanwhile, 84 per cent think a lack of data skills in the business hampers agility and flexibility in their organisations. The report highlights how businesses can seek to overcome the challenges caused by data management and data quality limitations. Firstly, it is important that they make a significant investment in talent. As well as providing employee training, previous Experian research found more could be done to attract graduates into data roles. Most students polled (67 per cent) said they wanted companies to do more to promote data roles, and over half (53 per cent) said they were considering a career in data. With a data literate workforce, a business is armed with talent that can make timely, data-driven decisions. Quality data for better business performance As consumer needs have shifted rapidly during the Covid-19 pandemic, good data management and quality has proved to be crucial in enabling businesses to react effectively ANDR EW AB RAHAM : E X P E R I AN V I EWPO I NT D I D YOU KNOW? 88% of organisations say that being data driven helps them stay on top of customer needs and market trends Source: 2022 Global Data Management Research Report, Experian