New research reveals the top priorities for North American and UK Data and IT decision makers in 2023 as they drive strategic, operational, and tactical decisions during global uncertainty
- Leaders in 2023 will focus on improving data quality, driving operational efficiency, and strengthening analytics processes
- Less than half (42%) of decision makers believe their entire organization trusts the accuracy of available data
- One in four decision makers (27%) do not think their organization is maximizing value from their data
- The research finds one in eight customer records is a duplicate which is contributing to widespread data mistrust throughout organizations
NEW YORK and LONDON, Jan. 30, 2023 (GLOBE NEWSWIRE) — New research shows the top data management priorities for data and IT decision makers at organizations in banking, insurance, and the public sector across the US, Canada, and the UK.
The research – commissioned by Quantexa, a global leader in Decision Intelligence (DI) solutions for the private and public sectors – finds that less than half (42%) of Data and IT leaders believe that all business units trust the accuracy of data available to them. In addition, more than one in five leaders (27%) do not think their organization is maximizing the value of its data.
As a result, the top priorities for leaders in 2023 are to improve data quality (46%), to drive operational efficiency (47%), and to strengthen analytics processes (47%). This is a change from 2021 when improving data quality was a top priority for only 26% of organizations.
Duplicates Lurking in Datasets
A vital component to improving data quality is removing duplicates from data sets – so all functions in an organization have an accurate, single view to make confident and trusted decisions. Traditional, inaccurate data matching approaches are becoming obsolete as a result. The most effective way of assuring an accurate and iterative data foundation requires Entity Resolution, which connects data points at-scale across internal and external data sources in real-time to provide decision makers with single enterprise-wide views of people, organizations, places and more.
Today only one in four (25%) organizations utilize this type of sophisticated technology to master data and provide the ability to create the analytical context needed for timely and effective decision making.
On average, respondents say 12% of all data records across their organization are duplicated. The duplicated data sits lurking in data lakes, warehouses and databases and is preventing data/IT leaders from maximizing the value of data across their organization. The primary resulting issues are that data reconciliation and remediation is time-consuming (46%), increased exposure to risk (42%) and an inability to make timely and accurate decisions that will positively impact their customers (31%).
Automation and Building an Accurate Data Management Foundation are Improving but Progress Is Still Needed
The survey also shows promise in automating operational decision making. Respondents revealed that only (38%) of organizations have implemented automation and are able to trust the outcomes, while (23%) have some operational decision-making automation, but the accuracy needs improvement.
When asked what challenges are needing to be addressed to build a strong data management foundation, the top responses included scalability limitations of traditional infrastructure that restricts the volume of data the organization can hold and use (41%), the large effort to onboard data to enterprise platforms (34%), security concerns (38%) and skills availability (33%).
Dan Higgins, Chief Product Officer at Quantexa, said: “Today, organizations 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 organizations.
Organizations 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 organization. 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.
It’s easy for duplicate customer records to appear because different business units are working with siloed data in different systems. Different iterations of a name, changes in address or multiple phone numbers can all harmlessly create these replications. But these customer clones can cause a domino effect in inefficiency and confidence in decision making. This becomes a costly waste of resources across data, IT, and business teams and it stops businesses from creating the necessary agility and resilience to being able to identify risk fast and serve customers at the highest levels.
Quantexa’s enterprise Decision Intelligence Platform is helping our clients solve these data challenges, protect their businesses, improve operating efficiency, accelerate revenue growth, and simply make better decisions.”
Organizations Taking Control with Decision Intelligence
Organizations including HSBC, Bank of New York Mellon, Allianz Technology, Vodafone, and the UK Government’s Public Sector Fraud Authority (PSFA) and Cabinet Office have deployed Quantexa’s Decision Intelligence Platform to create an accurate data foundation and the analytical context needed to address multiple challenges across an organization. These challenges frequently include Know Your Customer (KYC), counter-fraud, risk, financial crime, and customer intelligence.
The platform has 99% data matching accuracy, can scale to process up to 60bn records, and reduces analysis time from weeks to a matter of hours, giving organizations the ability to understand their data by connecting siloed data sources and visualizing complex relationships. The unified information can be supplemented with third party data to deliver vital context for enterprise-wide decision making to control risk, maximize efficiency, and drive growth.
As of today, Quantexa has helped its customers unify over one trillion (1000 billion) data records. If you’re interested in finding out how Quantexa is helping its customers protect, optimize, and grow their organizations, you can sign up to attend Quantexa’s annual customer conference, QuanCon 2023.
Quantexa, in partnership with Censuswide, surveyed 356+ IT and data decision makers across the UK (103), USA (176) and Canada (77), equally split across Banking, Insurance, and the Public Sector in January 2023. Censuswide complies with the MRS Code of Conduct and ESOMAR principles.
Quantexa surveyed 750 IT and Data decision-makers across North America, EMEA and Asia-Pacific, posing questions around the quality of data, usefulness in decision-making, and effectiveness of current approaches.
Quantexa is a global data and analytics software company pioneering Contextual Decision Intelligence that empowers organizations to make trusted operational decisions by making data meaningful. Using the latest advancements in big data and AI, Quantexa’s platform uncovers hidden risk and new opportunities by providing a contextual, connected view of internal and external data in a single place. It solves major challenges across data management, KYC, customer intelligence, financial crime, risk, fraud, and security, throughout the customer lifecycle.
The Quantexa Decision Intelligence Platform enhances operational performance with over 90% more accuracy and 60 times faster analytical model resolution than traditional approaches. Founded in 2016, Quantexa now has more than 550+ employees and thousands of users working with billions of transactions and data points across the world. The company has offices in London, New York, Boston, Toronto, Malaga, Brussels, Amsterdam, Luxembourg, Singapore, Melbourne, Sydney, and the UAE. For more information, contact Quantexa here or follow us on LinkedIn.
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