UK firms missing a data trick

Research from Experian QAS claims mid-sized firms are missing an £8bn potential revenue opportunity

UK firms are failing to harness the full potential of their data to help generate revenue, research from Experian QAS has claimed.

The research quizzed more than 1,300 IT decision makers in seven countries, of which 303 were from the UK, and it found that just 44 per cent of UK firms are investing in data quality with a view to generating revenue.

Experian claimed that by better managing information, firms with more than 250 employees would generate an £8bn boost to UK plc.

It claimed the return would be delivered through a better understanding of who and where customers and prospects are, ensuring better-quality sales leads and longer-term customer relationships.

Firms could also gain efficiencies by reducing costs attached to inaccurately addressed or ill-targeted direct mail, Experian claimed.

The research also indicated that 90 per cent of UK organisations suspect that their customer and prospect data is not completely accurate, but are using antiquated data quality methods which are holding them back.

In addition, Experian suggests that many firms are investing precious financial, staff and material resources in direct mail activities that may actually result in negative brand perception and poor customer service, ultimately resulting in lost sales.

Joel Curry, UK managing director of Experian QAS, said: “We are living in a digital world and organisations are being bombarded by valuable data about customers and prospects from all touch points. The research clearly shows that UK organisations are increasingly seeing the importance of data management, but too many are using old-fashioned methods to solve a complex modern problem.

“This is a missed opportunity and businesses need to invest in the right tools to improve the quality of their data to embrace the financial rewards, improved customer service and brand perception that great data quality can bring. Above all, the customer interface of these products and services should be simple and deliver against organisational objectives.”