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ALMOST 90 % OF BUSINESS LEADERS STRUGGLE TO ALIGN DATA STRATEGIES WITH LEADERSHIP PRIORITIES
expert qualitative insights from industry leaders such as Meta and Northern Trust .
Jenny Bullis , VP Marketing Science , EMEA at Meta , is quoted in the report on how she has seen a lack of clear vision dampen the utility of data and data teams : “ I see many teams ill-equipped to brief a data team effectively . Does the data team understand the specialism of the internal stakeholders ? I see many data teams well versed in code and statistics , but lacking knowledge of how the marketplace or customer interaction works . I see most large companies quite advanced with their data and Digital Transformation programmes , but I see the old issues of silos , skills and interdepartmental differences being the main barrier .”
Leading technology consultancy , esynergy , has published new research identifying the challenges large enterprises are facing in implementing successful data strategies . The report , which is based on a comprehensive survey of 700 IT leaders across the US and UK , reveals the most prominent roadblocks to data-driven success and demonstrates the importance of developing a datadriven culture across an organisation .
As the value of data continues to grow exponentially across all sectors , the ability to effectively leverage this resource is becoming crucial to enterprise success . However , not all businesses have the requisite knowledge or expertise to utilise their data efficiently , which can impede growth and hamper performance .
The report reveals that 96 % of company executives say their company could improve how they use data at their organisation , and concerningly , a third of respondents reported they were unable to make sound decisions based on data due to distrust , lack of skills and lack of data . Only 50 % of the respondents indicated that they currently have a dedicated enterprise budget for these essential components to effectively leverage their data . esynergy ’ s report brings together this quantitative survey data and
Encouragingly , 80 % of respondents said their organisation now has a Chief Data Officer and reported that they expect their investment into data to grow by an average of 34 % over the next year , with 40 % anticipating growth of up to 75 %. However , despite this projected growth , 89 % of respondents admit to finding it challenging to align their data priorities with their leadership priorities .
In response to these challenges , the report identifies five key aspects that form the cornerstone of a successful data strategy : clear data ownership / governance , data literacy and education , a clear direction to monetising data , enterprise-wide standardisation and a clear direction of data usage .
Garry Robertson , Head of Data at esynergy , said : “ The essence of our mission at esynergy is to empower enterprises with the tools and strategies they need to leverage their data effectively . These findings show that many organisations do not feel equipped to leverage their data , and it ’ s clear that well-defined data ownership and strategy , governance and education internally will be key in overcoming this hurdle . With the next 12 months poised to be an opportunity for growth , there ’ s no time like the present for organisations to prioritise their data strategy and move forward with the right considerations in place .” �
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