Mango Solutions, an award-winning data science analytic consultancy has announced the results of a study which reveals that while 95% of companies questioned have a data strategy, less than a third of those (29%), claim their data strategy is clear and widely understood.
The data maturity survey, which polled the opinions of 100+ data professionals at the September 2021 Big Data LDN event, shows that the companies questioned are investing heavily in data capabilities, resulting in maturing data functions – for example, 41% have established data science functions in the last two years. 93% of data managers surveyed claim their company has a well-structured data estate and 92% claim to have well established data management processes.
However, the study also revealed that companies are not yet reaping the benefits from their data capabilities. Only 26% of respondents say that the quality and integrity of their data is high and suitable for analysis, and only 43% already rely on data to drive predictive decision-making.
Establishing a data-driven culture is just as important as providing people with data capabilities if companies are to realise the potential value from their data. The Mango survey shows good progress here, since 88% of respondents already have an established internal data community that works across the business and enjoys good stakeholder relationships. However, 56% of those surveyed still feel there is room for improving their data community.
Data science also seems to be delivering on its potential too. Reassuringly, 68% of organisations boast established data science teams that already work effectively with collaborative tools and platforms, with 85% of respondents claiming their business sees value in the function. 29% of respondents say there is room for improvement when it comes to establishing an effective data science function. Effective data governance is an essential part of improving the effectiveness of data analytics and data science functions, and this statistic aligns with Gartner’s prediction that, by 2024, 30% of organisations will invest in data and analytics governance platforms, increasing the stability, scale, trust and impact of insight and analysis.
Predictive decision-making is also a key focus area for data managers, with 92% of businesses claiming they will rely on data to drive predictive decision-making by 2023, more than double the 43% of organisations who claim their business already relies on data to drive predictive decision-making. 59% of companies report that they already successfully derive, share and action insight delivered through dashboards and reports and a further 26% will be following suit over the next 18 months.
Rich Pugh, Chief Data Scientist at Mango solutions, said: “While the majority of organisations surveyed say they have an established data capability, a large proportion admit that they need to improve the way they use it, to help derive data-driven value. These improvements are obviously best done strategically, but whilst 95% have a data strategy, only 29% of those have one that’s clear and widely understood. This is a real concern – creating a clear and understood narrative around the role of data is essential to the success of a data strategy. Without this, data leaders are at risk of not bringing the organisation with them on their journey, and missing out on the potential value of their data opportunity.”