A data strategy checklist for the journey to the data-driven enterprise
Digitalization is on the agenda of almost every company, and data is the foundation of digitalization. Its availability and quality are crucial for digital success, making it an important economic asset for the business. It is therefore obvious that this asset should be carefully and farsightedly maintained and developed.
But is it?
Data management is unfortunately considered to be a thankless task. Data experts know all too well that their company data is usually not in such good shape. They have been pointing this out for many years and often drive initiatives to address it, but with moderate success. The problem is that data is abstract and therefore difficult for non-experts to understand.
Business users often think that data is something technical that it is not their concern. They believe the IT department should take care of it. While IT is happy to look after the technical storage and backup of data, they refer to line of business experts when it comes to quality and usability. Managers see data as relevant in the context of digitalization, but often think of data-related problems as minor details that have little strategic importance. Thus, it is taken for granted that companies should have a data strategy.
But what is the scope of an effective strategy and who is affected by it? Why is it so difficult to create added value from data? Which business-related, technical and organizational challenges need to be resolved? What approaches are companies taking and what benefits have been achieved so far? Which conceptual, architectural and technological approaches can support these efforts? This market survey explores these questions.
Participants around the world were polled, with the majority of responses coming from Europe. We examined the current approaches of companies of different sizes from various industries. For deeper insight, we also analyzed the answers according to “data maturity”. Participants were asked to rate the skills and competencies in the handling of data in their company compared to their main competitors. This allowed us to gain a better understanding of what “best-in-class” companies are doing to gain greater benefit from their data in comparison to “laggards” (see demographics).
We hope this survey contributes to your company’s efforts to leverage its data. Please do not hesitate to contact us if you have any questions.