A greater demand for the data insights to inform decision making and strategy has been initiated by the acceleration of digital transformation, says a new research done by Experian. 84 per cent of businesses have seen more demand for data due to Covid-19, but nearly a third say that the data quality still remains as a fundamental barrier. The annual Global data Management report, conducted a survey for 700 and more practitioners and data driven business leaders all throughout the global. They found that the changing customers’ behavior had intensified businesses’ need for the high quality engaging data. Actually, 72 per cent of them say that the rapid push to the digital transformation is making their businesses more reliant on data now than ever before.
The pandemic has exposed data’s potential to be used for the societal good. Business leaders are keen to explore this more now. 78 per cent see COVID-19 as a defining moment for organizations to set-up and use data for societal good where they can, while 86 per cent would like to be able to use their data in some way to benefit society. Increasing collaborations with organizations to support those in need, sharing talent, resources to develop and deliver products or even allowing their data practitioners to spend more time on voluntary projects were all termed as a potential approach in achieving this. Experian’s report outlines key barriers that organizations must address:
Data quality and maturity: On average, organizations believe a third of their data (32%) is inaccurate in some way. It’s unsurprising then that 55% of business leaders lack trust in data assets, and 51% say improving data quality is a ‘significant priority’.
Data skills: Embracing the power of data is being stunted by a skills gap – 62% say a lack of basic data literacy skills impacts the value they get from their investment in data and technology, while 55% believe they lack skills/resources to leverage data assets fully.
Agility: Sixty-two percent admit a lack of agility in data processes has hurt their response to changing business needs in the wake of COVID-19.
Andrew Abraham, Global Managing Director and Data Quality, at Experian, comments on the findings: “The pandemic has been a catalyst for long-awaited digital transformation. Businesses need to move fast to serve customers’ changing needs, and leaders know that data-based decision-making is key to evolving the right way. It’s also heartening to see organizations looking beyond the business applications of data, to how they can use it for societal good. However, if businesses are to succeed in either area, they must overcome fundamental barriers to effective data management.”
The paper also suggested that making improvements in these sectors too-
People: With a data literate workforce, a business is armed with talent that can make timely, data-driven decisions. Reassuringly the report reveals that 85% of organizations are hiring data roles in the next six months.
Technology: Technology has a critical role to play when it comes to modernizing data management practices. Eighty-five percent of business leaders say sourcing more technology for staff is a priority.
New ways of working: DataOps: DataOps aims to shorten development cycles, increase deployment frequency, and create more dependable releases of data pipelines, in close alignment with business objectives. This practice helps organizations adapt more quickly to changing conditions.
And before these initiatives start complicating the issues further, it is better to go back to basics which are the people, processes and tools. In order to build the resilience against the risk, investing in the right areas is suggested.