Talend has launched outcomes from its second annual Information Well being Barometer world survey that discovered 97% of respondents are dealing with challenges in utilizing knowledge to its full potential.
Talend says an organization’s general knowledge well being describes not simply the present state of its knowledge, but in addition how effectively it helps focused enterprise outcomes. Whereas 99% of corporations acknowledge knowledge as vital for his or her success, practically half say utilizing knowledge to drive enterprise influence will not be straightforward.
The corporate cites a disconnect between knowledge and choice making, and key findings uncovered by the survey embrace how knowledge administration is worsening by the yr, there’s a knowledge literacy expertise hole, knowledge entry points persist, and knowledge high quality and belief issues stay.
In comparison with the primary Information Well being Barometer of 2021, corporations are ranking their knowledge administration round 10 factors decrease this yr. Talend lists the 5 markers of wholesome knowledge as timeliness, accuracy, consistency, accessibility, and completeness. Timeliness and accessibility noticed the most important drops at –29 factors and –15 factors, respectively, and 57% of respondents admitted to scuffling with knowledge entry resulting from distant work.
Supply: Talend
The abilities hole can also be a barrier, as one in three of these surveyed disclosed having reservations about how effectively staff perceive the information they use of their work. Solely 26% of complete respondents strongly agreed their total group understands firm knowledge. Information specialists have been essentially the most vital of company-wide knowledge literacy, with 15% both considerably or strongly disagreeing that every one staff perceive the information.
Velocity and adaptability of information entry is a priority for the 41% who say they don’t have quick or full entry to the information they want. Talend cites this as troubling as a result of rising income and optimizing prices have been ranked as the highest priorities for knowledge use, rising by 10 factors and 13 factors respectively from final yr. For 57% of these surveyed, knowledge infrastructure has not saved up with distant work, as they reported distant work has had a adverse influence on knowledge agility.
Lastly, knowledge high quality and belief proceed to be sore factors within the quest for utilizing knowledge successfully. Over one-third of respondents reported that trusting the information they rely on for choice making is a significant problem, and practically half indicated that guaranteeing knowledge high quality is their greatest drawback. In keeping with Gartner, poor knowledge high quality prices organizations a mean of $12.9 million per yr. Whereas 82% of complete respondents in Talend’s survey stated they belief the information they use, solely 75% of these surveyed from the enterprise facet of organizations agree, leaving 1 / 4 of these making enterprise selections distrustful of the information.
These outcomes present 57% of corporations report that distant working has had a adverse influence on their knowledge agility. Supply: Talend
Whereas the information well being barometer highlights the problems that preserve companies from utilizing knowledge most successfully, it additionally reveals the methods corporations are utilizing to resolve these issues. Information literacy packages might help with the abilities hole, and 65% stated there’s a knowledge literacy program in place at their firm. For practically half, or 48%, these packages are led by the CDO or chief analytics officer. Moreover, 80% of respondents reported their organizations have customary metrics or KPIs in place, similar to recency, completion, and relevance, to evaluate knowledge high quality. In keeping with the outcomes, expertise corporations and people within the monetary providers and insurance coverage sectors are main the pack in establishing customary knowledge metrics, whereas healthcare, manufacturing, retail, and training are left to catch up.
Talend believes wholesome knowledge practices are the important thing to getting essentially the most from a corporation’s knowledge, particularly in turbulent financial occasions.
“Within the coming years, companies are solely going to turn out to be extra reliant on knowledge to navigate the challenges of a turbulent economic system and an more and more aggressive market,” stated Christal Bemont, CEO at Talend. “By placing a give attention to dependable knowledge — supported by a robust knowledge tradition with a give attention to agility and belief — companies cannot solely climate any storm however come out forward. Having a wholesome knowledge atmosphere in place provides organizations the facility to run lean in powerful occasions with out sacrificing their long-term technique.”
Try the report right here.
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