In early 2020, our partner, Collibra commissioned Forrester Research to survey more than 900 business analysts about their use of data to drive decisions and achieve key business objectives.
It may not surprise you to hear that the survey picked up some inconsistencies.
Most companies surveyed struggle to implement
While 84% of respondents said that it is very important or critical to put data at the center of their crucial business decisions and strategy, nearly half (43%) admitted that their organizations fail to always or even routinely use data to guide business 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 datacentric decision making.
Its a chicken and egg scenario – the study shows that data intelligent organisations ( those who agree that they have the ability to connect the
right data, insights and algorithms so people can drive business value
through data ) are more likely to invest in data management tools – which in turn increase the trust in data.
Less datacentric organisations often see data management disciplines as a blocker, or an IT function, or an unnecessary overhead. Ironically, organisations that cannot trust their data are less likely to invest in the technology and capabilities needed to increase trust.
Yet, the study shows that data intelligent organisations reap real rewards realising an 8% advantage in improving customer trust, an 81% advantage in growing revenue, and a 173% advantage in better complying with regulations and requirements. Those organisations adopting Data Intelligence are also 58% more likely to exceed their revenue goals than non-data intelligent organizations.
Next week I will be exploring how to shift the narrative for data governance, from business blocker to business enabler, at a DAMA SA meetup. I hope that, in so doing, we can begin to influence the data doubters to make the shift to data intelligence.
I invite you to join that conversation.