Only 22% of decision makers believe their entire organisation trusts the accuracy of available data according to a report commissioned by Decision Intelligence solutions provider Quantexa.
In addition, more than two in five leaders (43%) do not think their organisation is maximising the value of its data.
As a result, the top priorities for leaders in 2023 are to improve data quality (38%), to drive operational efficiency (35%), and to strengthen analytics processes (44%). Improving data quality has become a priority for 9% more decision makers in 2023 than in 2021.
This is a 9% increase change from 2021 when improving data quality was a top priority for only 29% of organisations.
Duplicates Lurking in Datasets
A vital component to improving data quality is removing duplicates from data sets. This ensures all functions in an organisation have an accurate, single view to make confident and trusted decisions. Traditional, inaccurate data matching approaches are becoming obsolete as a result. According to Quantexa the most effective way of assuring an accurate and iterative data foundation requires advanced technology commonly referred to as Entity Resolution. This connects data points at-scale across internal and external data sources in real-time to create connected, single enterprise-wide views of people, organisations, places and more. Today just under one in four (27%) organisations utilise this type technology.
On average, respondents say (11%) of all data records across their organisation are duplicated. The duplicated data sits lurking in data lakes, warehouses and databases. As a result, data/IT leaders are prevented from maximising the value of data across their organisation. The primary issues are that data reconciliation and remediation is time-consuming (33%), increased exposure to risk (41%) and an inability to make timely and accurate decisions that will positively impact their customers (23%).
Automation and building an accurate data management foundation remain a work in progress
The survey also shows promise in automating operational decision making. Respondents revealed that only (24%) of organisations have implemented automation and are able to trust the outcomes. Meantime, some 27% have some operational decision-making automation, but the accuracy needs improvement.
Dan Higgins, Chief Product Officer at Quantexa, said: “Today, organisations are facing aggressive headwinds: global economic volatility, rising regulation, rapid disruption in technology, and changing customer and citizen expectations. This cocktail is making it tougher than ever before to create resilient organisations.
“Organisations know that to understand and trust their data they need a strong and accurate data foundation and single views of data that become their most trusted and reusable resource across the organisation. It’s apparent that one of the biggest causes of untrusted data is duplicated records as part of the overall growing issue of data quality.