95% of organisations surveyed by data consultancy Mango Solutions in its data maturity survey declared that they have a data strategy in place, while 92% plan to rely on data to drive predictive decision-making by 2023.
Overall, the findings showed that participating companies are investing heavily in data capabilities, resulting in maturing data functions.
For example 93% of data managers surveyed claim their company has a well-structured data estate; 92% claim to have well established data management processes; and 41% have established data science functions in the last two years.
However, the study also revealed that the benefits from data capabilities are not being fully realised, with only 26% of respondents stating that the quality and integrity of their data is high and suitable for analysis, while just 43% currently rely on data to drive predictive decision-making.
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“While the majority of organisations surveyed say they have an established data capability, a large proportion admit that they need to improve the way they use it, to help derive data-driven value,” said Rich Pugh, chief data scientist at Mango Solutions.
“These improvements are obviously best done strategically, but whilst 95% have a data strategy, only 29% of those have one that’s clear and widely understood.
“This is a real concern – creating a clear and understood narrative around the role of data is essential to the success of a data strategy. Without this, data leaders are at risk of not bringing the organisation with them on their journey, and missing out on the potential value of their data opportunity.”
Building a data-driven culture
Establishing a data-driven culture within the organisation is just as vital as providing staff with data capabilities, if companies are to realise the potential value from their data.
88% of respondents already have an established internal data community that works across the business and benefits from good stakeholder relationships, but 56% still feel there is room for improving their data community.
Data science and governance
Data science also seems to be delivering on its potential, according to the research, with 68% of organisations boasting established data science teams that work effectively with collaborative tools and platforms, while 85% of respondents claimed that their business sees value in the function.
29% of respondents, however, said there is room for improvement when it comes to establishing an effective data science function.
Effective data governance is an essential part of improving the effectiveness of data analytics and data science functions, which aligns with Gartner’s prediction that 30% of organisations will invest in data and analytics governance platforms by 2024.
Over 100 data professionals were surveyed by Mango Solutions, during the recent Big Data LDN event, held last September.