Though these firms don’t seem to be complying with data regulation compliances, about 97 percent of them believe inaccurate data is a leading cause of financial and productivity losses.
“It still appears that many companies are yet to acknowledge the importance of accurate contact data,” said said Matt Glasner, General Manager, Experian QAS in Australia and New Zealand.
“A big concern is that data compliance appears to be going backwards. Total compliance with database-related regulations has tumbled in the past two years. This is of particular concern as data integrity comes under closer scrutiny from industry regulators in an increasing number of sectors.”
By not installing adequate data management practices, businesses face not only a legal risk from non-compliance, but also resource strain, missed business opportunities, and mounting financial problems due to the increasing amount of returned mail and postage costs.
“Australian businesses need to be aware of the financial implications incurred by not having accurate and up to date databases. A comprehensive approach is necessary to successfully improve data quality and minimise financial impact,” said Glasner.
“At present, too many organisations are ignoring data quality, putting their reputation, revenue and public confidence at risk. Companies must directly relate it to their business goals for the impact of contact data quality management to be recognised.”
The report found that telecommunications and utilities companies faced the worst problems from bad data management, with 23 percent, followed by transport companies with 22 percent, and financial services with 17 percent.
Many Aussie firms neglect contact info
By Staff Writers on Jul 3, 2008 4:49PM
A report from data specialist Experian QAS found that 45 percent of Australian organisations have almost no procedures to keep their contact data accurate and up-to-date, and may face major financial problems as a consequence.
Got a news tip for our journalists? Share it with us anonymously here.