Nov 14, 2023

Top benefits of improving data (Source: Experian)

The Magazine Manager

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.”

Mark McCormick is the president and founder of Mirabel Technologies. Mark spent 25 years in the publishing industry, launching over 30 magazines, newsletters, and websites. In the software industry, he has launched some of the publishing industry's most popular enterprise platforms including Magazine Manager, Newspaper Manager, ChargeBrite, and Mirabel's Marketing Manager. Mirabel Technologies has grown to serve 23,000+ newspapers, magazines, websites, and events in 25 different countries.