Discover the Insights from Forrester Research’s Comprehensive Survey

In the ever-evolving landscape of business strategy, data has emerged as the cornerstone for driving decisions and achieving pivotal objectives. Forrester Research conducted a thorough survey involving over 900 astute business analysts in early 2020, shedding light on the intricate relationship between data utilization and business success.

Unveiling Inconsistencies: Navigating the Data Dilemma

While the significance of data-driven decision-making is widely acknowledged, the survey illuminated some intriguing disparities among the companies under scrutiny. Key findings highlight both the intention and the reality of data’s role in shaping business directions:

• Critical Importance, Yet Elusive Implementation: An impressive 84% of respondents emphasized the pivotal role of data in shaping crucial business strategies. However, a stark contrast emerged as 43% candidly admitted that their organizations frequently fall short in effectively utilizing data to inform pivotal decisions.

While it is encouraging that the vast majority of respondents recognise the value of data, it is disappointing, if not exactly surprising, that so few practice data-centric decision-making.

The Conundrum of Data-Intelligent Organizations

Within this intricate dance of data and decision-making, a nuanced pattern emerged:

• Data-Intelligent Dynamics: Organizations adept at harnessing the potential of data intelligence demonstrated the capacity to interconnect the right data, insightful analysis, and powerful algorithms to drive tangible business value through data are more likely to invest in data management tools – which in turn increase the trust in data.
• The Trust Paradox: Interestingly, the study revealed a paradoxical situation. Companies that exhibited a lack of trust in their data often perceived data management as an impediment, an exclusive domain of IT, or an unnecessary burden. Strikingly, these very organizations were less inclined to invest in the crucial technology and capabilities required to bolster data confidence.

Rewards Await the Data-Intelligent Pioneers

Venturing further into the realm of data intelligence, the study showcased an array of remarkable rewards reaped by data-intelligent organizations:

• Enhanced Customer Trust: A remarkable 8% advantage in bolstering customer trust was observed.
• Elevated Revenue Growth: Data-intelligent entities enjoyed an astounding 81% edge in propelling revenue growth.
• Exemplary Regulatory Compliance: A staggering 173% advantage was recorded in surpassing regulatory standards and requirements.
• Achieving Beyond Limits: Data-intelligent organizations demonstrated a notable 58% increase in exceeding their revenue goals, outshining their counterparts who hadn’t embraced the data intelligence paradigm.

Charting a Path Forward: Shifting the Data Governance Paradigm

A transformative dialogue awaits in the upcoming DAMA SA meetup, where the narrative of data governance shall be artfully transformed from a perceived business obstacle to a potent business enabler. This engaging exploration seeks to inspire and catalyze the data doubters, fostering a seamless transition towards the realm of data intelligence.

Join the Conversation

Your insights and perspectives are invaluable. I wholeheartedly extend an invitation to you to actively participate in this enlightening conversation. Together, we can drive change and usher in a new era of data-powered excellence.