Overall, Utilities and Telecommunications
at 23 per cent had the highest percentage
of lost revenue due to poor data management
followed by Transport and Travel on
22 per cent. The Financial Services
sector reported a 17 per cent average
of lost revenue.
It is the belief of 98 per cent of
respondents in large organisations
that inaccurate data costs contribute
to lost revenue, resources and productivity,
compared to 93 per cent of respondents
in SMEs.
Effective business planning
Customer and prospect data is used
by companies to facilitate contact
with its customers and potential customers,
yet 40 per cent of Australian businesses
do not validate any of the data they
capture.
While data validation is not a high
priority for businesses, the report
showed that 85 per cent of Australian
businesses use their customer and
prospect databases in strategic planning
and decision making. However, if their
databases are inaccurate, businesses
can not be assured of making effective
decisions.
Almost one in four businesses worldwide
use both existing and prospective
customer databases to make strategic
planning and decision making on a
daily basis. In Australia, 51 per
cent of businesses use their databases
for the same purpose monthly or more
frequently.
While businesses seemingly rely on
their databases for decision making,
in Australia, 90 per cent of businesses
do not think they are using their
databases to their full potential.
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