New research shows the top data management priorities for data and
IT decision makers at organizations in banking, insurance, and the
public sector across the US, Canada, and the UK. The research -
commissioned by Quantexa, a global leader in Decision Intelligence
(DI) solutions for the private and public sectors - finds that less
than half (42%) of Data and IT leaders believe that all business
units trust the accuracy of data available to them. In addition,
more than one in five leaders (27%) do not think their organization
is maximizing the value of its data.
As a result, the top priorities for leaders in 2023 are to
improve data quality (46%), to drive operational efficiency (47%),
and to strengthen analytics processes (47%). This is a change from
2021 when improving data quality was a top priority for only 26% of
organizations.
Duplicates Lurking in Datasets
A vital component to improving data quality is removing
duplicates from data sets – so all functions in an organization
have an accurate, single view to make confident and trusted
decisions. Traditional, inaccurate data matching approaches are
becoming obsolete as a result. The most effective way of assuring
an accurate and iterative data foundation requires Entity
Resolution, which connects data points at-scale across internal and
external data sources in real-time to provide decision makers with
single enterprise-wide views of people, organizations, places and
more.
Today only one in four (25%) organizations utilize this type of
sophisticated technology to master data and provide the ability to
create the analytical context needed for timely and effective
decision making.
On average, respondents say 12% of all data records across their
organization are duplicated. The duplicated data sits lurking in
data lakes, warehouses and databases and is preventing data/IT
leaders from maximizing the value of data across their
organization. The primary resulting issues are that data
reconciliation and remediation is time-consuming (46%), increased
exposure to risk (42%) and an inability to make timely and accurate
decisions that will positively impact their customers (31%).
Automation and Building an Accurate Data Management
Foundation are Improving but Progress Is Still Needed
The survey also shows promise in automating operational decision
making. Respondents revealed that only (38%) of organizations have
implemented automation and are able to trust the outcomes, while
(23%) have some operational decision-making automation, but the
accuracy needs improvement.When asked what challenges are needing
to be addressed to build a strong data management foundation, the
top responses included scalability limitations of traditional
infrastructure that restricts the volume of data the organization
can hold and use (41%), the large effort to onboard data to
enterprise platforms (34%), security concerns (38%) and skills
availability (33%).
Dan Higgins, Chief Product Officer at Quantexa, said: “Today,
organizations are facing aggressive headwinds: global economic
volatility, rising regulation, rapid disruption in technology, and
changing customer and citizen expectations. This cocktail is making
it tougher than ever before to create resilient organizations.
Organizations know that to understand and trust their data they
need a strong and accurate data foundation and single views of data
that become their most trusted and reusable resource across the
organization. It’s apparent that one of the biggest causes of
untrusted data is duplicated records as part of the overall growing
issue of data quality.
It’s easy for duplicate customer records to appear because
different business units are working with siloed data in different
systems. Different iterations of a name, changes in address or
multiple phone numbers can all harmlessly create these
replications. But these customer clones can cause a domino effect
in inefficiency and confidence in decision making. This becomes a
costly waste of resources across data, IT, and business teams and
it stops businesses from creating the necessary agility and
resilience to being able to identify risk fast and serve customers
at the highest levels.
Quantexa’s enterprise Decision Intelligence Platform is helping
our clients solve these data challenges, protect their businesses,
improve operating efficiency, accelerate revenue growth, and simply
make better decisions.” Organizations Taking Control with
Decision Intelligence
Organizations including HSBC, Bank of New York Mellon, Allianz
Technology, Vodafone, and the UK Government’s Public Sector Fraud
Authority (PSFA) and Cabinet Office have deployed Quantexa’s
Decision Intelligence Platform to create an accurate data
foundation and the analytical context needed to address multiple
challenges across an organization. These challenges frequently
include Know Your Customer (KYC), counter-fraud, risk, financial
crime, and customer intelligence.
The platform has 99% data matching accuracy, can scale to
process up to 60bn records, and reduces analysis time from weeks to
a matter of hours, giving organizations the ability to understand
their data by connecting siloed data sources and visualizing
complex relationships. The unified information can be supplemented
with third party data to deliver vital context for enterprise-wide
decision making to control risk, maximize efficiency, and drive
growth.
As of today, Quantexa has helped its customers unify over one
trillion (1000 billion) data records. If you’re interested in
finding out how Quantexa is helping its customers protect,
optimize, and grow their organizations, you can sign up to attend
Quantexa’s annual customer conference, QuanCon 2023.
2023 Methodology
Quantexa, in partnership with Censuswide, surveyed 356+ IT and
data decision makers across the UK (103), USA (176) and Canada
(77), equally split across Banking, Insurance, and the Public
Sector in January 2023. Censuswide complies with the MRS Code of
Conduct and ESOMAR principles.
2022 Methodology
Quantexa surveyed 750 IT and Data decision-makers across North
America, EMEA and Asia-Pacific, posing questions around the quality
of data, usefulness in decision-making, and effectiveness of
current approaches.
About Quantexa
Quantexa is a global data and analytics software company
pioneering Contextual Decision Intelligence that empowers
organizations to make trusted operational decisions by making data
meaningful. Using the latest advancements in big data and AI,
Quantexa’s platform uncovers hidden risk and new opportunities by
providing a contextual, connected view of internal and external
data in a single place. It solves major challenges across data
management, KYC, customer intelligence, financial crime, risk,
fraud, and security, throughout the customer lifecycle.
The Quantexa Decision Intelligence Platform enhances operational
performance with over 90% more accuracy and 60 times faster
analytical model resolution than traditional approaches. Founded in
2016, Quantexa now has more than 550+ employees and thousands of
users working with billions of transactions and data points across
the world. The company has offices in London, New York, Boston,
Toronto, Malaga, Brussels, Amsterdam, Luxembourg, Singapore,
Melbourne, Sydney, and the UAE. For more information, contact
Quantexa here or follow us on LinkedIn.
Media Enquiries C:
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Flight E: Quantexa@fightflight.co.uk C: Adam
Jaffe, SVP of Corporate Marketing T: +1 609 502
6889 E: adamjaffe@quantexa.com - or
- RapidResponse@quantexa.com