Market disruptors like AI, increased costs, and skill shortages are affecting businesses across all industries, and according to a new study by Experian, 87% believe high-quality data will play a critical role in responding to these and other challenges.
The study, “Mastering Tomorrow’s Markets: The Data Quality Revolution,” included a survey of more than 500 business leaders, 88% of whom believe challenges will intensify over the next year. More specifically, 33% said technological advancements like AI are the top market disruptors, followed by increased operational costs (32%), depleting skill shortages (29%), changing customer expectations (27%), and supply chain issues (27%).
More than half (55%) said those challenges will significantly impact their business.
“In this ever-changing digital-first market, businesses need to quickly pivot and adapt to market disruptors,” writes Experian’s Jordyn Tetler. “These challenges will only continue to evolve over the years; thus, data quality is essential for businesses to effectively respond to and overcome them. The research indicates that 31% of organizations are prioritizing their ability to better manage uncertainty this year.”
93% of those surveyed said data quality will be fundamental to operations moving forward, with 40% saying they are investing in automation of data quality rules and processes. Hiring and developing business users’ data skills was also a top investment for data-minded leaders, with the top expected benefits of quality data being improved customer experience (for 42%) and greater agility to react to rapid market changes (39%).
“Today, the objectives for investing in data include accelerated decision-making, agile operations, scaled growth, sustainability, and customers,” the study says. “Strengthening these key areas empowers organizations to be resilient when responding to and competing in key market advancements.”