The Impact of Data Quality on your business

07 Sep 2018

The Real Cost of Unstructured Data in the GDPR Era

According to Royal Mail Data Services, 91.4 percent of marketers say they're struggling with data quality issues[1]. Approximately seven out of 10 organizations in the UK have incomplete, inaccurate, or outdated information about their customers.

The new data protection law raised the bar for the way data is managed. Under the new rules, data quality becomes more important than ever before. It's no longer something nice to have, but a business and legal requirement. Plus, it has the power to dictate whether projects succeed or fail.

Once this law comes into effect, companies must be able to prove that they're managing personal data according to the rules, and that: 

  • The information they hold is accurate and up-to-date
  • They have legal grounds to store personal data
  • Data can be provided or erased on request in a secure manner 

About 85 percent of the data stored by organizations today is redundant, trivial, or obsolete[2]. Decades ago, 85 percent would have been a negligible amount, but as the world becomes more digitalized, it's also generating more information. Experts also predict that by 2022, 93 percent of all data in the digital landscape will be unstructured[3]

This data usually resides in the company's documents, PDF files, Excel spreadsheets, and emails. Therefore, it's more sensitive to cyber-attacks compared to structured data, which typically has a higher level of encryption and security. 

Companies often have a hard time protecting unstructured data simply because they cannot manage it properly. Sometimes, they don't even know what's inside those files and who can access them. A staggering 71 percent of organizations are not sure how to protect this information from theft and misuse[4]

Considering these facts, it's no surprise that hackers are shifting their focus on unstructured data. With GDPR, any data breach are now heavily penalized. 

A lot of this data may never be used. Perhaps it's out-of-date or incomplete. As a business owner, you need to identify unstructured data, see what could be used, and keep everything organized. 

Any information you hold must be properly secured and protected. Otherwise, you're putting your business at risk from insider attacks and theft of information. 

The better you understand your data, the more control you have over it. This results in more efficient data management and reduces the risks associated with its misuse. 

Bisnode has the expertise and technologies necessary to access, analyze, and process your data. We can conduct a thorough analysis of the current state of your data to make sure it's accurate. 

Our specialists will identify duplicates, giving you a full overview of potential risks and opportunities. They will also enrich your current database with data from Bisnode and online data to optimize your business. 

Data Quality: more than a GDPR rule...it’s a business opportunity 

According to the new European law, the accuracy of any personal data you hold must be secured and protected. 

This set of rules doesn’t apply only to structured data, but to all data. Those "invisible" files your company holds, including passport or credit card numbers, could cost you a fortune if they are not managed properly or removed on request. 

No matter your business type or size, you must implement a GDPR plan and give your employees the tools to find, analyze, store, and share data in a controlled manner. Unstructured and unmanaged information can no longer be left to wither. 

At the end of the day, the GDPR isn't about fines or limiting communication. It's about putting the citizen and customer first. In fact, the new data protection law could help your business thrive and gain more accurate insights into the target audience. 

Outdated and poor-quality data has the potential to damage your reputation and marketing efforts. It provides inaccurate business insights and may result in costly mistakes. 

By cleaning your database and updating key areas, you'll uncover new opportunities for growth and get a better picture of your perfect customer. Plus, you'll be able to develop, analyze, and track your marketing activities with a higher precision. 

Under the GDPR, companies are forced to examine the costs of collecting and processing personal data. This presents an opportunity to reshape data management strategies and increase customer engagement. Business owners should see it as a chance to build stronger, more sustainable relationships with their clients, which in turn, will lead to higher conversion rates. 

In fact, 64 percent of organizations say that inaccurate data keeps them from providing a superior customer experience[5]. Bad data can affect how customers perceive your brand and result in loss of revenue. 

Quality data, by comparison, drives revenue, creates growth opportunities, optimizes processes, and reduces operational costs. Think of it as a strategic asset for your organization. It's your responsibility to proactively manage, measure, and monitor your data to comply with the GDPR and grow your business. 

Are you ready to take the steps needed to improve data quality ? We can help! Discover our data quality solutions here



[1] http://www.information-age.com/will-poor-data-quality-jeopardise-gdpr-compliance-123464511/

[2] https://www.veritas.com/en/aa/news-releases/2016-03-15-veritas-global-databerg-report-finds-85-percent-of-stored-data

[3] http://www.bloomberg.com/enterprise/blog/developing-a-modern-data-management-strategy/

[4] https://www.sailpoint.com/market-pulse-survey/

[5] https://www.experianplc.com/media/news/2017/data-quality-issues-are-impacting-consumer-trust-and-perception/