Most firms falling short in their drive to be data-driven
Businesses want to leverage accurate and reliable data to innovate, deliver exceptional customer experiences, and make informed strategic decisions. But many are falling short of their objectives, according to new research from information services provider Experian.
The company hired Insight Avenue to conduct a survey in July 2019 of 517 professionals in U.S. organizations with visibility into their data management practices. The vast majority of companies invest in multiple big data projects, the most common of which are data quality, big data analytics and data governance.
Despite these ongoing initiatives, 69 percent of respondents said they struggle to be data-driven. This is partially due to the level of data debt companies have accumulated, with 65 percent saying inaccurate data is undermining many of their key initiatives.
While companies are investing in data management, siloed approaches are still the majority, according to the report. Sixty-nine percent of companies report most data management initiatives occur in individual departments, with only a few on an enterprise level.
This, combined with a lack of talented data professionals and poor communication between departments, creates a number of challenges in data usage. Sixty-one percent of respondents said it takes too long to get actionable insights from data.
More companies are starting to invest in enabling users to leverage trusted data to achieve real business outcomes. Data enablement is a key focus over the next 12 months for 57 percent of organizations.