Businesses missing out on £8 billion untapped revenue

Research from Experian QAS interviewed over 1,300 IT decision makers in seven countries – of which 303 were from the UK – with only 44 per cent of UK businesses are investing in data quality with a view to generating revenue.

If UK organisations with 250-plus employees fully harnessed the revenue potential of their data by better managing information, the total financial boost to the UK economy would be at least £8billion.

The average revenue potential is between £431,000 and £9.3million over a two-year period, depending on the size of the organisation.

Returns are delivered through better quality sales leads, longer term customer relationships and prompting repeat purchases. Efficiencies are also gained by reducing costs attached to ill-targeted direct mail and other communications.

The research found that nine out of 10 UK organisations suspect that their customer and prospect data is not completely accurate.

In the UK in the past three years, over a third of companies have sent mailings to the wrong address and 27 per cent have mistakenly sent multiple mailings to the same postal address.

However, the research did find that in the last two years 81 per cent of UK organisations have made improvements to the way they manage their customer and prospect data by upgrading their data management systems.

Joel Curry, Experian QAS UK md, said: “We are living in a digital world and organisations are being bombarded by valuable data about customers and prospects from all touch points. The research clearly shows that UK organisations are increasingly seeing the importance of data management, but too many are using old fashioned methods to solve a complex modern problem.”

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