2018 is a big year for data as the GDPR comes into force in May. This has undoubtedly sharpened focus on the industry and brought data issues to the forefront for many organisations. With this in mind, the release of our annual Global Data Management Research is particularly timely and gives us a detailed insight into how organisations are progressing in today’s complex digital world.
Launched this week, we’ve brought together views from 1,000 global organisations across multiple verticals and functions into a new research paper. We explore not only what they’re doing with data they hold at an operational level, but also how the challenges and opportunities of the digital world are impacting their data management strategy. You can download the report here and find answers to questions such as:
- Which factors are posing the biggest challenges to organisations looking to use data at a strategic level?
- What are the data-driven opportunities available to those able to grasp the complexities of the digital landscape?
- How well are organisations building and executing their data strategies?
- How is data quality maturity impacting businesses?
There are some fascinating insights and without giving the game away, here’s a taster of the key findings…
There’s unprecedented change in the data landscape
This year’s research shows us an emerging picture of a vastly complex data landscape that’s disrupting how organisations are creating and executing their data management strategies. Complexity is nothing new, nor are the key factors driving this trend, but what has notably changed is the scale, pace and urgency of them.
Rapidly expanding volumes of data, the approaching GDPR and heightened security concerns are all front of mind. Added to this there’s the pressure of ensuring a seamless, connected customer experience in an age where individuals expect organisations to value and look after their data responsibly. It’s easy to see why businesses may struggle to see the wood for the trees.
We’re at a turning point to leverage opportunity from data
Organisations seem to have reached a crossroad where the convergence of all these factors are having a noticeable effect. Whilst over 80% recognise the opportunities data can bring to forming their business strategy, almost three quarters (73%) also admit that it’s difficult to predict where the next data challenge is coming from.
For as much as the landscape is challenging, it’s equally one that holds more untapped opportunity than we’ve ever seen before. Being compliant with the GDPR, good data quality and having a strategy to govern data in a transparent, ethical way, will transform a reactive approach to data management into a proactive one. Organisations that do this are in the best possible position to drive value from better insight, efficiency and customer relationships.
6 key findings
So, what do the stats tell us? Here’s a preview of six key findings which I think bring these challenges and opportunities to life. You can read detailed commentary on these findings in our research paper here.
Get the basics right for regulation and innovation
With change comes big opportunity and my key takeaway from this year’s findings is that it’s there for the taking. What I found particularly striking was the appetite for implementing data-driven innovation. Our research told us that in the next five years, organisations are looking to drive opportunities from analytics, real-time processing and automation amongst other things. It’s clear they see data as instrumental to staying ahead of the game. Data quality and good data management have therefore never been more important if that’s going to become a reality. With the GDPR just two months away, now is the time to get your house in order and enjoy the results for years to come.
To get a detailed commentary on what these findings may mean for you and benchmark your own progress, download our research paper.
Please note that while we can support businesses with their preparations for the GDPR, we cannot offer legal counsel or compliance advice.