In June 2021, Harvard Business Review Analytic Services surveyed executives from around the world. They wanted to find out how organisations are investing in their data strategy and which strategies are most effective. These are the results.
What are the top data problems?
Data will only keep growing, and the problems organisations face are common. According to the report, the top data problems are inaccurate/incomplete data (87%), data silos (87%), inconsistent data formats (80%), poor enterprise data governance (77%), conflicting information between data sources (77%), lack of data accessibility (76%), unclear responsibilities for who in the enterprise managed the data (71%), and data inconsistencies between geographic regions (57%).
Sound familiar? These data issues are major causes of problems for organisations.Executives know that data management is a must – 96% of executives say high quality data is “very” or “moderately” important, and 73% say their organisation rely on more than 6 data types, many of which are considered essential to business operations.
Despite that, 66% believe they are under-investing in data strategy and 70% say their data strategies are falling behind their competitors.
What makes a successful data strategy?
Tackling the many data types and data problems is not a small and easy task. Often, companies have a short-term goal and implement a little widget that solves a surface level issue but doesn’t address the root problem. Many organisations are struggling to raise their level of data maturity and truly understand the data they have.
For organisations to survive and stay ahead of their competitors, they need to get to the core and tap into the power of their data.
According to the research, organisations that take the critical steps of going beyond data governance and implementing master data management programs to enforce data standards can leverage their data as a “strategic asset” to further their success in a competitive business landscape.Business professionals agree. 87% of executives say having a strong master data management (MDM) program is important to ensuring their future success. Over 55% say MDM is the second most important data strategy an organisation needs to have in place to achieve high quality and trusted data. However, only 28% actually have it in place today.
“With savvy use of data being the linchpin of achieving widespread corporate objectives, companies can no longer afford to merely give lip service to raising the quality of their data so that it becomes a strategic asset.
“This goal can only be accomplished by having a single, trusted view of information that can reduce inefficiency, drive better business outcomes, and provide other benefits.” – Harvard Business Review report
Download the Harvard Business Review report
- Common problems organisations face when trying to solve enterprise data challenges
- Which data strategies are most needed to achieve high quality and trusted data – and steps companies can take
- The role of data governance and master data management in leveraging data as a strategic asset and building long-term success
- Real examples of organisations such as Domino’s, Simplot and John Deere on their digital transformation journey and what they did to succeed
Companies cannot treat data management as anything less than what it is – the key to a data-driven culture, digital transformation and business success.
Learn how you can truly master your data to gain accurate insights, make data driven decisions, drive efficiencies, understand your customers, maximise return on investment, and more.
Get the full report by Harvard Business Review Analytic Services – The Path to Trustworthy Data: Effective Strategies to Bolster Enterprise Data Management – fill in the form to download the free report.