Fifty-four per cent of organisations around the world are still neglecting one of their most profitable assets: data, according to Experian QAS, This is mirrored for Australian organisations, with 45 per cent of businesses unable to confirm that a documented strategy exists to keep their contact data accurate and up-to-date.
Despite regulatory compliance in place to protect and maintain the customer's accurately stored information, Australian businesses are ignorant of compliance issues concerning database management. And 32 per cent of Australian businesses are not sure about the degree to which their organisation is compliant. "A big concern is that data compliance appears to be going backwards. Total compliance with database-related regulations has tumbled in the past two years. This is of particular concern as data integrity comes under closer scrutiny from industry regulators in an increasing number of sectors," said Matt Glasner, general manager of Experian QAS A/NZ.
The report identified that 27 per cent of organisations around the world claim to be fully compliant with database-related regulations. This has gone backwards since 2005, when 37 per cent believed they were operating within regulations.
Organisations in Australia claim a high degree of database-related compliance at 82 per cent, although a staggering proportion of businesses are not even aware of the regulations that they need to adhere to when saving and managing contact data information. Uncertainty is commonplace with 32 per cent of Australian businesses not sure about the degree to which their organisation is compliant. They are unaware about the level of compliance that their business needs to manage their databases.
Len Rust is editor of The Rust Report