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Cost of Dirty Data: The £900 Billion Annual Burden on UK Business

By |2023-11-14T10:23:03+00:00November 14th, 2023|

Dirty data is costing the UK economy £900 billion. The impact of unclean data is estimated to stand at 20% of an organisation’s revenue. In 2023 revenue of UK business is thought to total £4.5 trillion meaning that failing to keep customer data up-to-date cost £900bn. In terms of the impact of this on individual businesses, a single ‘inaccurate’ customer record is currently costs an organisation £81.11. Experian research reveals that 22% of customer records within the average database are inaccurate. This means that an organisation with a database comprising 500,000 customer records could be looking at a £811,000 cost to the business. The retail sector was found to have the highest associated cost of unclean data at £300bn, whilst [...]

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Keeping Pace with AI Ethics

By |2023-09-08T12:13:43+00:00September 8th, 2023|

Artificial Intelligence (AI) has become an integral part of our lives, from voice assistants to recommendation systems and autonomous vehicles. Its transformative power has brought both remarkable advancements and profound ethical dilemmas. Recent calls from MPs urging the Prime Minister to pass new legislation for AI safety in the UK, before the EU takes the lead, have brought the spotlight back onto the importance of AI ethics and the critical role data hygiene plays in ensuring safe AI systems. The Call for AI Safety Legislation MPs are sounding an alarm, warning that the UK risks falling behind in the global AI race if comprehensive AI safety legislation is not put in place promptly. The European Union is poised to establish [...]

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Is now the time for innovation in the direct mailing industry? 

By |2023-01-23T13:36:44+00:00January 23rd, 2023|

As many of our network will know, in December we carried out a research study investigating the automation opportunity for the sector. The overwhelming finding was that there is significant appetite to innovate particularly in terms of the use of AI. For the sector, it is therefore good news that the UK currently ranks first in Europe, and third in the World, behind the US and China in developing AI technologies. Moreover, the Government is keen for the UK to maintain this position. Investment continues to be high. As part of this in July last year The National Robotarium at Heriot Watt University in Edinburgh opened its doors. It is the UK’s hub for robotics and artificial intelligence and has [...]

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Charities shouldn’t put the data cart before the horse

By |2022-10-04T07:07:09+00:00October 4th, 2022|

New research shows that charities are falling behind when it comes to data. With the cost-of-living crisis now really beginning to show its teeth resulting in a sharp decline in donor numbers and donation value, data is now a critical capability for charities to master. However, data doesn’t have to be complex. More on this later… first, let’s have a look at the findings of the State of the Sector Data Maturity Report. The study measured 1,000 charities and rated their data maturity through five stages, from ‘Unaware’ to ‘Mastering’ across seven key themes: Uses, Data, Analysis, Leadership, Culture, Tools, and Skills. When it comes to data leadership over half (53 percent) of those surveyed said that there is no [...]

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Analytics are only as strong as the underlying data

By |2022-09-16T13:16:01+00:00September 16th, 2022|

Why data hygiene must become a priority post covid According to Fortune Business Insights, the global machine learning and analytics market is expected to grow from $21.17 billion in 2022 to $209.91 billion by 2029, at a CAGR of 38.8 percent. Clearly it is big business, and the global impact of the Covid-19 pandemic has served to accelerate demand. Increasingly organisations from all sectors are turning to computers to make decisions from insurers calculating a customer’s risk profile through to airlines looking to work out how much food and drink to carry onboard. Every industry without exception can apply analytics to its data to make faster, more informed decisions. But, and it is a big BUT, analytics and machine learning [...]

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