Monday, June 24, 2024

Data Gap Apparent as Research Shows Leaders Believe Data Will Deliver Value, but Only Half Have Effective Processes in Place to Maximise It – Dufrain

Dufrain, the data consultancy, today releases new research that demonstrates the presence of a ‘data gap’ across UK businesses. While 92% of respondents were optimistic about the prospect of their data delivering value and return on investment in 2023, only half (54%) actually had a policy in place to formalise their data governance and make sure this was the case.

The State of Data and Analytics 2023 report, which surveyed senior data leaders in the UK and U.S. across banking, retail, insurance, manufacturing, healthcare and FMCG, therefore demonstrates a disparity between what people believe will come of their data purely because it exists within the organisation and those that actually have the ability and processes in place to be able to maximise it properly.

This ‘data gap’ is compounded by resistance to change. Just 13% thought their data processes were fully mature enough to be able to get the most out of their data, and yet nearly half (46%) said the biggest challenge in addressing this was a reluctance to change, causing a lack of implementation of effective processes across the organisation.

Joseph George, CEO at Dufrain, comments:

“The research paints a clear and important picture: organisations across a range of sectors that heavily rely on data for their day to day operations don’t yet have the strategy, combined with the resources and ability to execute it, that will allow them to make the most of it in a compliant way.

“It is really positive that data leaders clearly see the undeniable value that data can bring to their business, but to derive this properly at scale means organisations needs to build the necessary foundations in parallel. It starts with a clear outcome led strategy to better utilise data for growth and competitive advantage. Without implementing and prioritising proper policies and managing them effectively, leaders simply won’t see the benefit of their data, no matter how much of it they have. Overcoming the resistance to change and bringing processes up to scratch is the only way they will generate real ROI.”

People In This Post

Companies In This Post

  1. Alipay+ Partner E-Wallets Transactions in Germany Rose by 67% One Week into UEFA EURO 2024 Read more
  2. Rising Dependence on Payday Loans Highlights Ongoing Financial Struggles Read more
  3. Tradeweb Announces Organizational Changes Read more
  4. Mama Money Partners with Access Bank and Paymentology to Launch New WhatsApp-Powered Bank Card Read more
  5. Social Engineering: How Cybercriminals Exploit Human Behaviour Online Read more