Truthset, a data validation company, is launching Truthset Data Collective with 20 members and a suite of products designed to help the media evaluate the quality, accuracy and reliability of the data they're using for ad-buying transactions.
“The current data ecosystem is built for scale, not accuracy,” said Scott McKinley, founder & CEO at Truthset.
“In partnership with the Data Collective, we’re proactively addressing up to $10 billion in waste due to data quality, by providing validation of privacy compliant identity and demographics that make for optimized ad decision-making across all audience sizes,” said McKinley, a former Nielsen executive VP.
Founding members of the Data Collective as it emerges from beta are AlescoData, Alliant, Ameribase Digital, Anteriad, Aristotle, Audience Acuity, Bridge, Data Axle, Epsilon, Fluent, LB Digital, Speedeon, Statara, Stirista, V12, Ventive, Verisk and Webbula.
To show the need for the collective, Truthset points to a Forrester study showing that 37% of marketers waste ad dollars as a result of poor data quality, 35% suffer from inaccurate targeting and 30% have lost customers due to a problem with data.
"Stirista was built on the principle of having the most accurate data possible, and its importance to both marketers and consumers. By partnering with TruthSet, to have our data scored independently, we're happy to do our part in raising the level of data accuracy for the entire industry," said Jessica Vasquez, VP of data operations, Stirista.
“Working with Truthset for the past two years has enabled us to score and quantify the accuracy of our data," added Amy Benicewicz, president of LBDigital. "We have learned some things about the quality variations of different sources that have helped us to fine-tune our audiences and data offerings. LBDigital is very proud of the high quality data we provide for all channels and commend Truthset for shining a light on the importance of accurate data.”
The collective was originally created as an exchange led by McKinley.
In addition to the Data Collective, Truthset is working with networks, brands and platforms, on data validation, audience building and measurement. Truthset also is working on data accuracy with trade organizations such as Coalition for Innovative Media Measurement (CIMM), Association of National Advertisers’ Alliance for Inclusive and Multicultural Marketing (AIMM) and the Advertising Research Foundation (ARF). ■
