Data is central to any business and the importance of managing it strategically is growing. Companies that have not yet built a data strategy and a strong data-management function need to catch up very fast or start planning for their exit. More than ever, the ability to manage torrents of data is critical to a company’s success. But even with the emergence of data-management functions and chief data officers (CDOs), most companies remain badly behind the curve. Cross-industry studies show that on average, less than half of an organization’s structured data is actively used in making decisions—and less than 1% of its unstructured data is analyzed or used at all. More than 70% of employees have access to data they should not, and 80% of analysts’ time is spent simply discovering and preparing data. Data breaches are common, rogue data sets propagate in silos, and companies’ data technology often isn’t up to the demands put on it.
What’s Your Data Strategy?