Agile Lab, developer of leading computational governance and data quality platform, Witboost, has shared findings from its data management survey carried out at Big Data London in September.
It reveals that current data management tools and practices are inhibiting corporate decision-making and strategic planning on a large scale. Even though the majority of respondents consider data management strategy is important or very important (85.5%) to their business, it transpires that less than a quarter (22.4%) rate their organisation as very good at leveraging insights from data, indicating a sizeable gap between strategy and reality. At worst, nearly half (43.7%) felt they couldn’t derive any or enough value from the mountains of data they hold.
According to over half of respondents (59.9%) the biggest culprit impeding better data management was poor quality data, followed by lack of trust in its integrity and, in equal measure, analytics departments failing to keep pace with business initiatives (44.7%). With the validity of data often in question, its detrimental impact on strategic planning should be a serious concern for organisations and senior executives.
Many taking part in the survey believed that data management challenges were having a negative effect on the quality of decision-making, making it slow (72.8%) and less strategic (53.6%). Factors hampering improvement were multiple copies of datasets everywhere making it impossible to identify who owns the master (43.7%) and additional admin work when trying to locate original datasets (31.8%).