Contact data quality statistics from Experian Data Quality
Inaccurate contact data can be harmful to an organization and may cost your company millions of dollars each year. Organizations that focus on contact data quality improve data-driven operation, marketing and general business initiatives. Consider the statistics below:
- On average, U.S. organizations believe 25% of their data is inaccurate.
- 93% of companies believe data is essential to their marketing success.
- 91% of companies suffer from common data errors, the main cause of which is human error.
- 77% of companies believe their bottom line is affected by inaccurate and incomplete data and on average, respondents believe 12% of revenue is wasted.
- Email is the most important marketing communication channel for 2014.
- 66% of organizations lack a coherent, centralized approach to data quality.
- 81% of retailers have encountered problems with loyalty programs - one of the main drivers being inaccurate customer information.
- 56% of retailers are capturing customer contact data through mobile applications.
- On average, retailers interact with customers across four different channels.
- 93% of retailers suffer from common data quality errors, the most prevalent being incomplete or missing data.
- 87% of financial institutions encounter problems when trying to generate meaningful business intelligence and data inaccuracies are lately to blame.
- 91% of institutions have invested something in data quality initiatives in the last 12 months.
- 51% of financial institutions maintain data quality to reduce the risk of fraud.
- 63% of institutions with a data quality strategy have used or still use third parties to assist with their data strategy.
Successful marketing programs must have accurate contact data across all communication channels to ensure successful interactions with customers.
- 87% of companies now engage in cross-channel marketing and 84% face a challenge in this area of their operation.
- 67% of companies have experienced email deliverability problems in the last 12 months.
- Contact data tops the list of data deemed to be essential to marketing success, followed by sales data and demographic data.
The state of data quality 2014.