Q 2 – Mistakes at data entry What percentage of your database has mistakes in it created at the point of data entry ?
A 2 – Mistakes at data entry % data with errorsGlobalUK 1 – 5 %3736 6 - 9 %710 10 - 19 %1315 20 - 49 %810 80% of organisations have data which includes errors created at point of entry
Q 3 – Cost of waste What percentage of revenue do you think inaccurate / incomplete data costs your business from wasted time, lost productivity, and wasted marketing spend ?
A 3 – Cost of waste % CostGlobalUK 1 – 5 %4642 6 - 10 %74 11 - 15 %53 16 – 20 %34 21 - 30 %11 73% report inaccurate data costs them money On average 6% of annual revenue
Q 4 – Missed sales What percentage of your annual revenue do you lose from not profiling customers because of data quality issues ?
A 4 – Missed sales % CostGlobalUK 1 – 5 %4636 6 - 10 %83 11 - 15 %43 16 – 20 %23 21 - 30 %20 75% say inaccurate data results in lost potential sales On average 6.2% of revenue
Q 5 - Ownership Does your organisation have one owner responsible for the database ? Is this their only job ?
A 5 – Ownership No. people who own dataGlobal 110 % 22 % 379 % 43 % 51 % 42% have a dedicated database manager Only 3% of these have no other responsibilities
Q 6 – Company wide strategy Do you have an organisation wide, formal data management strategy ?
A 6 – Company wide strategy Finance24% Public sector 36% Leisure/travel23% Retail27% Telecoms18% Utilities21% Country% Australia32% Benelux26% France30% Germany16% Singapore20% UK26% US30% Sector% Finance24% Public sector36% Leisure/travel23% Retail27% Telecoms18% Utilities21% UK third equal
Q 7 – All employees value accuracy Do all employees view database accuracy as an important issue ?
A 7 – All employees value accuracy Country% Australia41% Benelux44% France32% Germany52% Singapore76% UK58% US47% Sector% Finance46% Public sector42% Leisure/travel44% Retail53% Telecoms54% Utilities44% UK in second place
Q 8 - Board Level buy in Have data management strategies been discussed at Board level in the last three years ?
A 8 – Board level buy in Country% Australia8% Benelux7% France9% Germany6% Singapore35% UK21% US35% Sector% Finance16% Leisure/travel16% Retail22% Telecoms25% Utilities9% UK ahead of Europe
Benchmarking wrap up Accuracy Mistakes at entry Cost of waste Missed sales Ownership Company wide strategy All employees see value Board level buy in 75 – 99% 6% 6.2% 3 people 26% 58% 21% 35% over 6%
Building action plans Accuracy Mistakes at entry Cost of waste Missed sales Ownership Company wide strategy All employees see value Board level buy in
Avoid mistakes at entry Get it right first time Avoid database pollution Manage multiple touchpoints
Gather evidence: compare data from call centre, web, in store, coupon returns Check field design and consistency Avoid mistakes - action plan Set targets for entering perfect record Audit and report on entered data Case study: Equipment supplier
Company wide strategy List those who can enter data Define data entry standards List owners of data Define ongoing maintenance routines Appoint Data Stewards
Don’t need to think one up Use templates available Case study: Pharmaceutical company Strategy – action plan
Getting all employees to care Lack of knowledge of uses of data Show evidence e.g. incorrectly addressed / returned mail Share results Recognise and reward good practice
Data culture Policies Training Incentives Case study: Automotive industry Caring employees – action plan
Board level buy in Find a champion at this level Tap into major pain points Financial Compliance Perception Need evidence to justify resource
Calculate costs Estimate lost revenue Audit compliance Research customer perception Case study: Mail Order Healthcare Board buy in – action plan
Summary Avoid mistakes at entry Create a company wide strategy Encourage more employees to see value Secure Board level buy in