are there some trusted data quality benchmark % figures out there ?

Liz Osbourn

are there some trusted data quality benchmark % figures out there ?

are there some trusted data quality benchmark % figures out there ? 

I want to put some target figures into a data quality metrics presentation.

thanks

Liz

 

Edited By:
Liz Osbourn[All DATAVERSITY Members] @ Mar 24, 2020 - 03:55 PM (GMT)

William McKnight

RE: are there some trusted data quality benchmark % figures out there ?
(in response to Liz Osbourn)

My clients have found that with x% improvement in data quality, they can, for a simple example, contact more customers effectively, and therefore have a better uptake for promotions.

Similarly, x% better data means x% better fraud detection and $x less losses.

Etcetera.

These were not industry metrics however and came from real business analysis, working with the business counterparts to understand the effects of better data and, as importantly, getting them to stand behind the numbers.

Nobody needs data quality. They need the results of data quality and it's important to make the connection to the company bottom line for an effective presentation.

Walter Howard

RE: are there some trusted data quality benchmark % figures out there ?
(in response to Liz Osbourn)

I concur with William as well.  Costs of bad data are directly related to your business.  For example, bad shipping addresses are a killer cost for USPS, Fed Ex, etc.  If you're not into to shipping, not an issue.  Perfect data quality for irrelevant data adds no value. 

That said, everyone wants accurate customer addresses.  If you have a data quality tool on hand, you can quickly run addresses through a dictionary to see how many fail validation.  That can drive a slew of metrics related to marketing campaigns.

You can also look at the timeliness of the data.  The address could be valid, but incorrect for the customer.

Another source for potential metrics are consistency metrics.  Is Net Claim Amount calculated consistently, Gross Sales, Churn, etc.  You can see that these metrics are very specific to your business.  

Hope this helps!

Liz Osbourn

RE: are there some trusted data quality benchmark % figures out there ?
(in response to Liz Osbourn)

Many thanks William and Walter - but what I am after are some industry standard figures so I can compare these to the measured data quality %  of my company - to see how we stack up to the "norm"  Its high level % figures I need - I totally get the % impact and benefits of good data quality etc.  but for a C level presentation - I wanted to show senior director level how we measure up to the rest of industry - standard benchmarks... 

I've found a few from Experian and Deloitte  but just wanted to ask if there trusted benchmarks for current state of data quality out there. 

thanks Liz