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Companies fail to recognise data as a commercial asset

by Melanie May, Direct Response 05-Apr-07, 15:00

LONDON - Forty per cent of UK companies do not view data as a commercial asset despite the fact most place an emphasis on data quality, according to the first Data Quality Benchmark Study.

Forty per cent of UK companies do not view data as a commercial asset despite the fact most place an emphasis on data quality, according to the first Data Quality Benchmark Study.

The study was conducted by financial direct marketing forum tank! and transactional data co-op Transactis. The aim was to provide a measurement standard for firms to evaluate their activity.

"We're trying to get a benchmark of data quality for the biggest mailers in the UK," Transactis managing director Chris Morris said. "We want people to take data seriously, and for the database to become a recognised asset on companies' balance sheets. This is not currently the case for a lot of companies."

The report also showed that up to 40 per cent of customer records and 60 per cent of prospect records on some databases are unusable. Another finding was that 50 per cent of firms spurn industry verification tools in favour of checking data directly with customers, and half also lack a clear data strategy.

However, data quality is high on the agenda. Sixty-six per cent of the firms in the study said they have a dedicated team in place, with data-protection compliance given as the biggest reason for investing in data quality.