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Experian is all about turning insights into action… using data for good. Our commitment is to work with our clients, consumers, non-profits and other parties to help ensure that we, as a company and within society, continue to properly leverage big data for good. As part of that effort, every other week we bring you Experian Insights – a round-up of news and resources highlighting how data is used for positive business, consumer and societal actions in many ways and across multiple sectors. Experian Insights in the News Marketing: A Primary Breeding Ground for Big Data Innovation – AdExchanger Companies that use data to put the consumer at the center of their innovations win in the digital economy. [ReTweet] Small Business Momentum Bodes Well – BankingExchange.com Gaining insights into small business data can help banks take the right action when extending credit.  [ReTweet] Why Privacy Matters in a Data-Driven Economy – Experian Blog @ExperianMKt releases white paper on why privacy matters in a data-driven economy. [ReTweet] If Only You Could Improve Your Credit Just by Paying Rent & Utilities – Realtor.com 97% of study participants had a credit score increase or neutral impact after adding utility data to credit report. [ReTweet] Data-Driven Companies Need a Foundation in Data Quality – Experian Blog 95% of global companies feel the drive to turn data into insight, but lack quality data. [ReTweet] Subscribe to this blog by email to learn more about our data and analytics.

With an ongoing shift towards a data-driven economy, many questions arise. For example, why does privacy matter and what is the role of consumer privacy in this economy?   While it may be too early to answer all of these important questions, Experian Marketing Services' new white paper, Why privacy matters in a data-driven economy, hopes to start the conversation. The latest report assesses the rise of the data-driven economy within the media and advertising industry and the evolution of privacy in that economy.  The white paper recognizes how ubiquitous consumer data is bringing programmatic media, interactive marketing and digital technology companies closer together by forming a new hybrid industry with a shared goal — to enhance the digital experience for the consumer and collectively ensure that data is being used for good, positive and productive purposes. “Society, businesses and consumers are better off when we can make sense of the world around us — a world made more complex by the vast amount of available information,” said Matt Seeley, President, North America, Experian Marketing Services. “Data on its own can’t transform the ways in which we manage our health, discover new information or connect to each other. These changes require technology that can put this data into context, generate insights and apply those insights responsibly and effectively. The digital marketing community plays an essential leadership role in that process and, as such, is helping to empower people, governments and brands to make more informed decisions about how they can use data for good.” The data-driven economy will continue to grow and thrive so long as there is a collective effort between data companies and digital marketers to create and protect the conditions that allow it to remain open, healthy and responsive to the privacy concerns of consumers. To learn more about the data driven economy and its impact on the tech world, download the new whitepaper, here.

Data is one of the most valuable assets in our society and drives many decisions. For businesses, data can reveal insights about customers and prospects, product trends, areas for investment and efficiency improvements. For consumers, data provides more personalized interactions with brands, including targeted deals or coupons, and geo-location services. Because of these benefits, business leaders are increasingly reliant on first and third party information when it comes to decision making and operational execution. According to a recent Experian Data Quality study, 95 percent of global companies feel the drive to turn data into insight. The four main reasons behind this include the desire to: understand customer needs, find new customers, increase the value of each customer, and secure future budgets. However, many businesses are falling short. They aren’t able to get the insight needed from data assets. While there are many challenges around data, like rapidly-changing technology, skills shortages in data management and shifting regulations, business leaders can control data quality strategy. Many are not able to gain insight because the quality of their data is not up to par. Ninety-two percent of organizations suspect their customer and prospect data might be inaccurate in some way and on average, businesses believe 26 percent of their data is inaccurate. That figure has risen significantly over the past several years. While there are many possible reasons for this increase, one major contributing factor is that data management strategies have not kept pace with the changing needs of business intelligence and analytics. Many organizations still manage data using legacy technology and processes. This creates reactive strategies that stop data issues from being discovered before they cause harm and prevent a single customer view. To move into a modernized and proactive strategy, businesses need to adjust their data management strategy from a departmentalized approach to a central data owner. We see many companies finding success by doing so. In fact, more companies who have enjoyed significant profits in the last 12 months manage their data quality strategy centrally, with ownership resting with a single director. We also see companies who have more sophisticated data management approaches dealing with less inaccurate data and fewer negative consequences. Most commonly, that director tends to be the CDO or CIO. There is certainly a case for adding a CDO to the organization, especially considering the value of data and the benefit of having someone to take responsibility for the quality, standards, meaning, security, metrics, integration or coordination of data among the various divisions. The rise of the CDO is something we are watching very closely at Experian and we expect this role to grow rapidly in prominence over the next few years. Building a foundation in data quality by centralizing data management people, technology and processes under one group is a key step in creating actionable insight from the valuable asset of data. To stay competitive, businesses have to operate in intelligent ways by developing strong consumer understanding. That starts with quality data. We at Experian enable business users to obtain quality, actionable data when it is required. This doesn’t mean implementing massive technology solutions that take months or years to see benefit from. We focus on solving specific problems with targeted technology solutions, helping you focus on counting the data that really matters to your business. To become data-driven, start by thinking about where you’re currently getting your data insights. Do you trust your information? Does it produce reliable information and insight? By starting with a strong data management strategy, organizations can build trust in their data and see the true benefit of data having a positive influence on their business. Subscribe to this blog by email to learn more about our data and analytics.

For more than 40 years, Orange County has been the home of Experian’s North American headquarters. We have strong roots here. And as part of that, Experian and our employees work and volunteer with organizations around the community to help make the OC a better place to live. As a long-time Experian employee and Orange County resident, I am proud to represent a critically important organization to our community: the Orange County Business Council (OCBC). And as 2015 Chair of OCBC, I thought it was a good time to discuss not only the mission of OCBC, but more importantly, how it relates to what we do at Experian. OCBC’s mission is to advance business and enhance the quality of life for all Orange County residents. As an organization, Experian is committed to assisting businesses around the world understand and harness the power of data and insights to positively move the economy forward. ­ In short, helping businesses grow. One of the goals of Experian’s Business Information Services unit, for which I lead marketing, is to provide information that help business owners manage their credit, enabling them to take action and obtain funding that will increase cash flow and uncover growth opportunities. The business unit works with organizations such as the Small Business Administration (SBA) and the National Federation of Independent Businesses (NFIB) to reach entrepreneurs and sole proprietorships to deliver tools and educational resources that help them better understand the credit landscape and position their business for future success. This is yet a small example of what Experian does and how it correlates to OCBC, and my mission in chairing this important organization. Ultimately, businesses, both large and small, are what drive our economy forward, and we believe the work OCBC does to help businesses is of the utmost importance. Whether in Orange County or around the world, advancing business and enhancing the quality of life for consumers are goals we can all get behind. As Walt Disney would say, “it is a small world after all.”

Just as looking in the rear view mirror can help you navigate your next move, looking into recent trends can serve as a guide to where the industry should head in the future. With that in mind, let’s take a step back and look at some of the trends in the automotive industry that finished off 2014. After all, it’s the insights from these trends that enable dealers, manufacturers, aftermarket retailers and lenders to take the right action to uncover growth opportunities and improve profitability. As we look at Experian Automotive’s 2014 Market Share and Registration Trends analysis, we see that the volume of new and used vehicle sales continued to increase year-over-year to reach 16.3 million and 39.3 million, respectively. However, despite the volume increases, the growth rate for both types of sales has slowed considerably. The growth rate of new vehicle sales slowed to 6.6 percent, while the growth rate for used vehicle sales actually decreased to 1.8 percent from 1.9 percent a year ago. Findings from the analysis also showed that entry-level cross-over utility vehicles and full-sized pickup trucks remained the top two new registered vehicle segments, while alternative-powered vehicles fell out of the top ten. Among new entrants into the top ten was the upscale-near luxury vehicle segment, which includes such cars as the BMW 3-Series, Mercedes-Benz C Class and the Lexus ES350 Other findings from the analysis include: The total number of vehicles on the road increased by 5 million from a year ago to reach 251.1 million More than 92 million vehicles on the road fell within the aftermarket “sweet spot,” model years 2003-2009. Analysis also shows the sweet spot shifting toward a higher share of import vehicles. Ford F150, Chevrolet Silverado/1500 and Honda Accord were the top three vehicle models of all vehicles on the road at the end of 2014 Ford (20.6 percent), International (16.9 percent) and Freightliner (15.8 percent) were top three manufacturers of medium- and heavy-duty vehicles in terms market share of all vehicles on the road General Motors had the highest market share of new vehicle sales in the South and Midwest, while Toyota led the way in the Northeast and West Fast forward three months into 2015, the automotive industry seems to be picking up right where it left off last year – clicking on all cylinders. It will be important to keep an eye on how these trends fluctuate through the rest of the year, as those insights can help the industry navigate and adapt to situations that may arise. Subscribe to this blog by email to learn more about our data and analytics.

In today’s world, it seems as though there is a statistic that we can apply to just about anything. Whether it’s viewership of the Super Bowl, popularity of breakfast cereal or the number of red M&Ms that come in a pack, I bet the data is out there. In fact, there is so much data in the world that Emery Simon of the Business Software Alliance once said that if data were placed on DVDs, it would create a stack tall enough to reach the moon. But let’s take a step back. If you break it down to its bare bones, all data is, is a bunch of numbers. Until you can understand what those numbers mean, data by itself isn’t that helpful. Delivering data insights in order for our clients to make better decisions is at the core of everything we do at Experian. We are continuously looking for ways to use our data for good. This is especially critical for the automotive industry, including dealerships, manufacturers, lenders and consumers alike. For example, with data and insights, manufacturers and dealerships can better understand what vehicles consumers are purchasing, as well as where certain vehicle segments are most popular. This information can help them decide which vehicles models are performing or where to move inventory. For automotive lenders, gaining insight into the shifts in consumer payment behavior, enables them to take the appropriate action when making decisions on loan terms and interest rates. By leveraging this information, lenders are able to minimize their own risk and improve profitability. On the consumer side, a vehicle is often the second largest purchase they will make. It’s important, especially when purchasing a used vehicle, to get as much information as possible to make the best decision. Vehicle history reports contain hundreds of data points from a variety of sources that provide insight into whether a vehicle has been in an accident, has frame damage, and odometer fraud, among other things. Consumers are able to take these insights to assist in the car buying process to ensure the vehicle is safe and meets their own standards. Leveraging the information available to make better decisions across the board will help the industry and consumers cruise down the highway of success. And that’s how we roll … Subscribe to this blog by email to learn more about our data and analytics.