Most firms see their data as 'good quality,' but struggle with value
Most organizations consider their data quality to be either “good” or “very good," but there’s a disconnect around understanding and trust in the data and how it informs business decisions, according to new research from software company Syncsort.
The company surveyed 175 data management professionals earlier this year, and found that 38 percent rated their data quality as good while 27 percent said it was very good.
A majority of the respondents (69 percent) said their leadership trusts data insights enough to inform business decisions. Yet they also said only 14 percent of stakeholders had a very good understanding of the data. Of the 27 percent who reported sub-optimal data quality, 72 percent said it negatively affected business decisions.
The top three challenges companies face when ensuring high quality data are multiple sources of data (70 percent), applying data governance processes (50 percent) and volume of data (48 percent).
Approximately three quarters (78 percent) have challenges profiling or applying data quality to large data sets, and 29 percent said they have a partial understanding of the data that exists across their organization. About half (48 percent) said they have a good understanding.
Fewer than 50 percent of the respondents said they take advantage of data profiling tools or data catalogs. Instead, they rely on other methods to gain an understanding of data. More than half use SQL queries and about 40 percent use business intelligence tools.