To turn data into insights and leverage the wealth of information that they are collecting, organizations need to ensure that their data is up-to-date and trustworthy. There is no magic answer. It’s a combination of technology and processes.
Kevin Campbell, CEO of Syniti, and Phil Fersht, CEO and chief analyst at HFS Research, discussed data value research conducted with Global 2000 C-level executives during their Data Summit 2022 presentation, “Every Problem Is a Data Problem: How Bad Data Is Killing Your Business.”
The annual Data Summit conference returned in-person to Boston, May 17-18, 2022, with pre-conference workshops on May 16.
Data investments are poised to accelerate since data is a critical component of digital and other transformation efforts.
However, only 5% of the executives surveyed have a high level of confidence in their data.
“We’ve visualized what good looks like and now we have to get there,” Fersht said.
Poor data governance, organization alignment, fragmented systems, and c-suite commitment are plaguing enterprises today, according to Fersht. The new leadership mindset is dominated by immediacy, he said.
Data is the strategy, automation the discipline, and AI the refinement. The HFS enterprise innovation framework is in its third stage, marrying OneOffice with OneEcosystem.
“Ultimately, innovation is about your people,” Fersht said.
Though 2022 has been the year of the “Great Resignation,” it has also been the year of the “Great Hurry,” he said. The tech sector will face a talent crisis within the next 3-4 years. Cloud and security will dominate immediate spread. Successful executives will have to be good at two things: data governance and driving change.
The Global 2000 C-level survey presented Campbell and Fersht with 3 lessons learned. These lessons are:
- Data is critical to success
- Enterprises aren’t ready to take advantage of their data opportunity
- Data investment will grow faster than overall IT investment
Data quality and company success are tightly linked, Campbell explained. Data plays a key role in the financial health and growth of companies. The combination of data with the right choice of emerging technologies will improve competitive advantage.
However, according to the survey, enterprises struggle with the data opportunity.
“It’s like every 10 years we learn the same lesson again,” Fersht said.
To close this gap, Campbell and Fersht suggested knowing the value of data and leveraging it effectively.
Not all data is equal. Prioritize and tier it based on what business outcome or goal it drives. Stop looking at data management and governance as purely tactical. Create and implement a strong data management strategy and roadmap that includes a robust data architecture.
Many Data Summit 2022 presentations are available for review at https://www.dbta.com/DataSummit/2022/Presentations.aspx.