Leading technology consultancy esynergy has today published brand new research identifying the challenges large enterprises are facing in implementing successful data strategies. The report, which is based on a comprehensive survey of 700 IT leaders across the US and UK, reveals the most prominent roadblocks to data-driven success and demonstrates the importance of developing a data-driven culture across an organisation.
As the value of data continues to grow exponentially across all sectors, the ability to effectively leverage this resource is becoming crucial to enterprise success. However, not all businesses have the requisite knowledge or expertise to utilise their data efficiently, which can impede growth and hamper performance.
The report reveals that 96% of company executives say their company could improve how they use data at their organisation, and concerningly, a third of respondents reported they were unable to make sound decisions based on data due to distrust, lack of skills and lack of data itself. Only 50% of the respondents indicated that they currently have a dedicated enterprise budget for these essential components to effectively leverage their data.
esynergy’s report brings together this quantitative survey data and expert qualitative insights from industry leaders such as Meta and Northern Trust.
Jenny Bullis, VP Marketing Science, EMEA at Meta, is quoted in the report on how she has seen a lack of clear vision dampen the utility of data and data teams: “I see many teams ill-equipped to brief a Data team effectively. Does the data team understand the specialism of the internal stakeholders? I see many data teams well versed in code and statistics, but lacking knowledge of how the marketplace or customer interaction works. I see most large companies quite advanced with their data and digital transformation programmes, but I see the old issues of silos, skills and interdepartmental differences being the main barrier.”
Encouragingly, 80% of respondents said their organisation now has a Chief Data Officer, and reported that they expect their investment into data to grow by an average of 34% over the next year, with 40% anticipating growth of up to 75%. However, despite this projected growth, 89% of respondents admit to finding it challenging to align their data priorities with their leadership priorities.
In response to these challenges, the report identifies five key aspects that form the cornerstone of a successful data strategy: clear data ownership/governance, data literacy and education, a clear direction to monetising data, enterprise-wide standardisation, and a clear direction of data usage.
Garry Robertson, Head of Data at esynergy said: “The essence of our mission at esynergy is to empower enterprises with the tools and strategies they need to leverage their data effectively. These findings show that many organisations do not feel equipped to leverage their data, and it’s clear that well-defined data ownership and strategy, governance, and education internally will be key in overcoming this hurdle. With the next 12 months poised to be an opportunity for growth, there’s no time like the present for organisations to prioritise their data strategy and move forward with the right considerations in place.”