U.S. businesses want to leverage accurate and reliable data to innovate, deliver exceptional customer experiences, and make informed strategic decisions, but new Experian research finds many are falling short of their objectives.
According to a newly released Experian study, Data Enablement: Building a Foundation of Trust and Governance in the Data-Driven Era, the vast majority of companies invest in multiple big data projects—the most common: data quality, big data analytics, and data governance. Despite these ongoing initiatives, 69 percent of respondents say they struggle to be data-driven. This is partially due to the level of data debt companies have accumulated. In fact, 65 percent say inaccurate data is undermining many of their key initiatives.
“Most companies do not realize the extent of the data debt they are working with,” said Simone Lima, SVP and general manager of Data Quality at Experian. “This level of inaccurate information is dragging down a number of new initiatives that are dependent on trusted data. Without addressing this burden, companies are not going to achieve their desired results.”
While companies are investing in data management, siloed approaches are still the majority. Sixty-nine percent of companies report most data management initiatives occur in individual departments, with only a few on an enterprise level. This coupled with a lack of talented data professionals and poor communication between departments causes many challenges in data usage. Sixty-one percent of respondents say it takes too long to get actionable insights from data.
However, more companies are starting to invest in enabling users across the business, not just within IT, to leverage trusted data to achieve real business outcomes. Data enablement is a key focus over the next 12 months for 57 percent of organizations.
“We see more mature companies working to make data insights available to a wider group, not just those within IT,” said Lima. “When companies take the time to build a foundation of data trust and then focus on initiatives like data enablement and data literacy, we see them far more likely to achieve the desired results from data management projects.”
To obtain a copy of Data Enablement: Building a Foundation of Trust and Governance in the Data-Driven Era from Experian, please visit https://www.edq.com/resources/data-management-whitepapers/data-enablement-for-building-a-foundation-of-trust-and-governance-in-the-data-driven-era/.