Ninety-five percent of enterprise executives don't trust their data
A mere five percent of enterprise executives have a high level of confidence in their data according to a new study.
The research conducted by HFS Research in conjunction with data management company Syniti also finds nearly half of respondents are significantly under-utilizing their data resources due to the lack of an effective data management strategy.
"The cost of bad data can be staggering, but most people don't personalize it. If you talk to a C-level executive, they'll say they have an inventory problem or their supply chain has issues," says Kevin Campbell, CEO at Syniti. "After thousands of projects, we know that almost 90 percent of the time it’s caused by a data problem. Solving this faster and better than competitors is instrumental to outperforming them."
Effective data management can pay off though, half of the companies that have implemented data management at scale are projected to achieve 10 percent or more revenue growth, more than three times the average.
Not surprising then that companies are keen to invest, data integration, including enterprise resource planning and application migration (42 percent), process automation (42 percent), and data visualization (41 percent) are currently the top three investment areas related to data management.
Over the next two years companies will also invest more in security and data protection (50 percent), support for artificial intelligence and automated machine learning (41 percent), and advanced analytics and predictive modeling (40 percent).
"Data has quickly become the world's most strategic resource during the pandemic," says Phil Fersht, CEO and chief analyst at HFS Research. "Senior leaders need to make their core data ubiquitously available, accessible, and mineable -- embedding a mindset to inspire their employees to work together to make it possible for their organizations to flip their business models to exploit these seismic market changes."
You can get the full report from the Syniti site.