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New research reveals top data and IT priorities for North American and UK decision makers in 2023 as they make strategic, operational and tactical decisions in times of global uncertainty
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Leaders in 2023 will focus on improving data quality, improving operational efficiency and strengthening analytics processes
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Less than half (42%) of decision makers believe that their entire organization trusts the accuracy of available data
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One in four decision makers (27%) do not believe their organization is maximizing the value of their data
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Research finds one in eight customer records are duplicates, contributing to widespread mistrust of data in organizations
NEW YORK and LONDON, Jan. 30, 2023 (GLOBE NEWSWIRE) — New research shows top data management priorities for data and IT decision makers in banking, insurance and and public sector in the United States, Canada and the United Kingdom.
The study – commissioned by Quantexa, a global leader in business intelligence (DI) solutions for the private and public sectors – finds that less than half (42%) of data and IT managers believe that all business units trust the accuracy of the data available to them. Additionally, more than one in five executives (27%) don’t believe their organization is maximizing the value of its data.
Consequently, the top priorities for leaders in 2023 are to improve data quality (46%), drive operational efficiency (47%) and strengthen analytics processes (47%). This is a change from 2021, when improving data quality was a top priority for only 26% of organizations.
Hidden Duplicates in Datasets
A critical part of improving data quality is removing duplicates from datasets. Thus, all functions of an organization have a precise and unique view to make safe and reliable decisions. As a result, traditional and imprecise data matching approaches become obsolete. The most effective way to ensure an accurate and iterative database requires entity resolution, which connects data points at scale across internal and external data sources in real time to provide decision makers with insights unique enterprise-wide people, organizations, places, and Suite.
Today, only one in four organizations (25%) use this type of sophisticated technology to master data and provide the ability to create the analytical context necessary for fast and effective decision-making.
On average, respondents claim that 12% of all data records in their organization are duplicated. Duplicate data hides in data lakes, warehouses and databases and prevents data/IT managers from maximizing the value of data in their organization. The main issues resulting from this are that reconciling and correcting data takes time (46%), increased exposure to risk (42%) and an inability to make timely and accurate decisions that will have a positive impact on their customers. (31%).
Automation and building an accurate data management base is improving, but more progress is needed
The survey also shows promise for automating operational decision-making. Respondents revealed that only (38%) of organizations have implemented automation and are able to trust the results, while (23%) have some automation of operational decision-making, but accuracy needs be improved.
When asked what challenges need to be overcome to build a strong data management foundation, top responses included the scalability limitations of traditional infrastructure that limit the amount of data the organization can retain and use ( 41%), the high effort to integrate data with enterprise platforms (34%), security issues (38%) and the availability of skills (33%).
Dan Higgins, Chief Product Officer at Quantexa, said:Today, organizations face aggressive headwinds: global economic volatility, increasing regulation, rapid disruption of technology, and changing customer and citizen expectations. This cocktail makes it harder than ever to create resilient organizations.
Organizations know that to understand and trust their data, they need a strong, accurate database and single views of data that become their most trusted and reusable resource across the organization. . It is obvious that oOne of the main causes of unreliable data is the duplication of records as part of the growing global problem of data quality.
It’s easy to see duplicate customer records because different business units work with siled data in different systems. Different iterations of a name, address changes, or multiple phone numbers can all create these harmless replications. But these customer clones can cause a domino effect in terms of inefficiency and confidence in decision-making. This becomes a costly waste of resources for data, IT and business teams and prevents companies from building the agility and resilience needed to be able to quickly identify risks and serve customers at the highest level.
Quantexa’s enterprise intelligence platform helps our customers solve these data challenges, protect their business, improve operational efficiency, accelerate revenue growth, and simply make better decisions.”
Organizations take control with business intelligence
Organizations such as HSBC, Bank of New York Mellon, Allianz Technology, Vodafone, as well as the Public Sector Fraud Authority (PSFA) and the UK Government’s Cabinet Office have deployed Quantexa’s Business Intelligence Platform to create a database precision and the analytical context needed to address multiple challenges. through an organization. These challenges often include knowing your customer (KYC), anti-fraud, risk, financial crime and customer intelligence.
The platform has 99% data matching accuracy, can scale to process up to 60 billion records, and reduces analysis time from weeks to hours, giving organizations the ability to understand their data by connecting siled data sources and visualizing complex relationships. Unified information can be supplemented with third-party data to provide vital context for enterprise-wide decision-making to control risk, maximize efficiency, and drive growth.
To date, Quantexa has helped customers unify over one trillion (1 trillion) data records. If you want to learn how Quantexa helps customers protect, optimize and grow their organizations, you can register to attend Quantexa’s annual customer conference, QuanCon 2023.
2023 Methodology
Quantexa, in partnership with Censuswide, surveyed over 356 IT and data decision makers in the UK (103), US (176) and Canada (77), split equally between banking, insurance and public sector in January 2023. Censuswide complies with the MRS Code of Conduct and the ESOMAR Principles.
2022 Methodology
Quantexa surveyed 750 IT and data decision makers in North America, EMEA and Asia-Pacific, asking questions about data quality, usefulness in decision-making and the effectiveness of current approaches.
About Quantexa
Quantexa is a global data and analytics software company pioneering contextual business intelligence that empowers organizations to make trusted business decisions by making sense of data. Using the latest advancements in Big Data and AI, Quantexa’s platform reveals hidden risks and new opportunities by providing a contextual, connected view of internal and external data in one place. It solves key challenges related to data management, KYC, customer intelligence, financial crime, risk, fraud and security, throughout the customer lifecycle.
Quantexa’s Business Intelligence Platform improves operational performance with over 90% more accuracy and 60x faster analytical model resolution than traditional approaches. Founded in 2016, Quantexa today has over 550 employees and thousands of users working with billions of transactions and data points around the world. The company has offices in London, New York, Boston, Toronto, Malaga, Brussels, Amsterdam, Luxembourg, Singapore, Melbourne, Sydney and the United Arab Emirates. For more information, contact Quantexa here or follow us on LinkedIn.
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