Becoming a data-driven enterprise is a requirement of modern business success. But in an age of swiftly changing market conditions and increasing data silos, having trusted, reliable data to use within the organization is often easier said than done.
In part two of our study on data management opportunities and challenges, we found there to be significant distrust when it comes to data. Together with independent research firm Vanson Bourne, we surveyed 500 IT Decision Makers (ITDMs) at businesses in the US and UK to explore the data analytics challenges organizations are facing and the proliferation of distrust that has occurred when it comes to accessing, analyzing, and using data.
Some key findings from our research include:
- 77% of ITDMs don’t completely trust the data in their organization
- 82% have had to rework data analytics projects due to poor data quality
- 76% report missing out on revenue opportunities, while 72% are seeing a negative impact on customer engagement, due to a lack of timely data insights
- 91% believe work is needed to improve the quality of data within their organization
- An average of 4 working hours is being lost per employee per week in the IT department or data team due to the need to resolve issues related to preparing data for analysis