BURLINGTON, Mass .– (COMMERCIAL THREAD) – The exponential growth of enterprise data, coupled with advancements in cloud computing, artificial intelligence (AI) and the Internet of Things, has sparked an era of digital transformation across the world. That’s why data integrity is a pressing business imperative, as digital transformation initiatives and the myriad of business activities designed to define strategy, retain customers, and grow the business require reliable data to be successful.
However, according to a new study released today by Precisely and Corinium Global Intelligence, an overwhelming majority of C-level data managers (82%) say data quality issues are a barrier to data integration projects – the forerunner of digital transformation initiatives and derived information. to fuel sound business decisions. Almost as many (80%) also find it difficult to ensure that data is consistently enriched with the right context at scale, allowing for more informed business decisions.
Data Integrity Trends: Perspectives from the Chief Data Officer in 2021, who surveyed more than 300 Data Managers (CDOs) at companies with more than 2,500 employees in the Americas, EMEA and Global industries. ‘Asia-Pacific, only trust data-driven information that confirms their existing intuition. This raises the question of how to build rock-solid trust in data that will encourage leaders, as well as their frontline staff, to move forward confidently with data-driven insights that uncover hidden connections or unexpected.
“There is a real sense of urgency as companies across all industries and regions embark on major digital transformation initiatives,” said Amy O’Connor, Director of Data and Information at Precisely. “However, these programs must be built on a foundation of data integrity if they are to be successful.”
Data-driven initiatives fuel growing need for reliable data
The new research highlights some of the specific initiatives CDOs are prioritizing in 2021 as they work towards the digital transformation of their organizations. Topping the list for CDOs is meeting customer experience (CX) demands or expectations, which was identified as a top priority this year by just over 63% of respondents. Launching or scaling up artificial intelligence (AI) and advanced analytics is also a global priority, with nearly 58% of respondents actively engaged in such projects this year. Almost half of those polled in the report said their organizations are taking initiatives in 2021 to:
Meet compliance and regulatory requirements (48.68%)
Enable a remote or distributed workforce (48.36%)
Facilitate micro-targeted or personalized customer communications (48.36%)
Integration or sale due to mergers and acquisitions (47.7%)
Building a 360-degree view of customers (46.38%)
The wide variety of digital transformation initiatives prioritized in 2021 highlights the growing importance of the function of Chief Data Officer and the need for a reliable database to ensure the success of projects.
Significant challenges stifle data-driven ideas and innovation
The report found that despite the large number of digital transformation initiatives underway in leading global companies, significant obstacles and challenges remain in achieving data integrity and ensuring project success. The new report found that:
Data teams spend too much time on average (40%) cleaning and preparing data for analysis, with some reporting up to 80%.
Almost two-thirds of those surveyed (65%) said staff would trust information from data only if it confirmed their intuition.
Data quality issues hamper data integration programs for 82% of CDOs.
Almost 9 out of 10 CDOs say they face a lack of staff with the right skills.
4 in 5 companies struggle to enrich their existing data at scale to uncover new information and hidden patterns.
Industries are moving towards data integrity at different rates
The report shows that while digital transformation is a priority across the board, industries are advancing at different rates and achieving varying results. Software and technology companies are leading the way in implementing an analytics program that reveals insights, with nearly 80% of respondents saying they have at least had ‘somewhat success’ so far . Transport and logistics companies follow, with a success rate of 65%. Retail lags behind all other industries with 55 percent of CDOs reporting mixed or disappointing results. Financial services, telecommunications, insurance and healthcare all reported success rates of around 60%.
The report paints a different picture of how successful companies are in integrating analytics programs into existing processes and driving their adoption across the enterprise. As such, retailers report a success rate of 60%, behind financial services at 66%. Software and technology companies reported success rates of just 47%, while transportation and logistics companies reached 43%. Government and education have shown the most difficulty, with less than 30 percent success.
Regional differences exist but are less pronounced than between industries
The new report reveals that the digital transformation trend is global, with less variation by region than by sector. Of the three regions examined in the report, the Americas, EMEA and APAC, companies in the EMEA region spend the most time cleaning and preparing data for analysis at 42%, with the Americas reporting a similar rate to 41%. Companies in the APAC region reported spending significantly less time (29%) preparing data for analysis.
There is a global shortage of qualified personnel, with all three regions reporting similar challenges in finding the right personnel for their purposes. Across all regions, 85-90% of CDOs said it was âvery difficultâ or âsomewhat difficultâ to find staff with the right skills. The report found greater variation in the ability of CDOs to access the right tools or services for successful digital transformations. In the Americas, 76% of CDOs said they had difficulty finding the right tools and services, compared to 70% in APAC and 69% in EMEA.
The representative global survey of 304 data-driven executives was conducted in April and May 2021. Of these, 60% were from the Americas, 20% from the EMEA region, and 20% worked in the Asia-Pacific region. Interviewees were selected from global companies with at least 2,500 employees and are responsible for their organization’s data strategy functions. They have job titles ranging from C level to SVP, VP, Directors and Heads of Department. Their companies operate in financial services (20%), insurance (15%), retail trade (15%), telecommunications (15%), healthcare or pharmaceuticals (10%), transport or logistics (5%), government or education (5%) and software or technology sectors (5%). The remaining 10% were selected from other industry verticals.
To view the full report visit: Data Integrity Trends: A Data Director’s Perspective in 2021
About Corinium Global Intelligence
Corinium is the world’s largest community designed to inspire and support emerging C-Suite leaders focused on data, analytics, customer, and digital innovation.
Stay up to date with Corinium on Twitter @CoriniumGlobal. Subscribe to CXO Insights for regular updates and case studies: https://coriniumintelligence.com
Precisely is the global leader in data integrity software, providing precision, consistency and context in data for 12,000 customers in more than 100 countries, 90 percent of the Fortune 100. Data integration, data quality , data governance, location intelligence, and data enrichment products enable better business decisions to drive better results. Learn more at Precisionly.com.