London, 27 January 2015: Only 23% of decision-makers closely align business strategy to data already held by their organisation, according to new research* commissioned by Rosslyn Analytics, a leading global data technology company. The research also reveals that less than half (44%) of business leaders thought that data was considered a strategic asset, suggesting there is still some way to go for the importance of data to achieve widespread recognition.
“It’s shocking that most organizations continue to make decisions without data,” said Charlie Clark, CEO, Rosslyn Analytics. “Rosslyn Analytics believes business leaders need to renew their efforts and focus on improving the accessibility and quality of data required to make informed decisions that are aligned to business objectives. In today’s age of intelligent, self-service data technologies, there is no excuse for data not to be in the hands of every decision-maker.”
The research coincides with the launch of Rosslyn Analytics’ new business user report entitled, “Big Data: The Art of the Possible,” a first-of-its-kind guide to understanding how employees can easily create value from multiple different data sources.
Other statistics identified by the research include:
- According to 43% of the respondents, when asked to identify the biggest barriers to using data, the single biggest challenge cited was that data was from too many sources and of different types
- Poor quality of data was cited as the second biggest challenge to data being used within the organization
- Only 40% of respondents believe their organisation effectively exploits its internal data to gain competitive advantage
- When asked to rate what type of data was most valuable to the organisation, “product data” was considered, on average, the most valuable
- “Customer data” was rated as second most valuable type of data; “financial data” and “spend data” were seen as third and fourth most valuable, respectively; “employee data” was seen as least valuable of the data categories
Rosslyn Analytics’ “Big Data: The Art of the Possible” report provides practical advice for anyone who wants to tap into the potential of data to transform how they work. The report details how data already held by an organisation can be enriched to provide tangible value. For example, by combining finance data with other types of internal and external data, the answers generated can propel growth, increase profitability and meet compliance standards. Enriching product data in a similar way will result in more efficient and more innovative product development.
“Our research shows that only 30% of business leaders explore data with a set question,” Clark continues. “Understanding data is key to achieving data-business alignment, where data not only informs business strategy but the business strategy also dictates the type of data owned by the organization."
*Survey of 600 UK organizations conducted in January 2015
About Rosslyn Analytics
Rosslyn Analytics (AIM: RDT), the leading global data technology company, helps organizations create new business value from previously inaccessible data. We have developed exciting award-winning technologies designed specifically for business users to easily access and turn complex data into meaningful information via our RAPid data platform. No other platform, on premise or in the cloud, is such a game-changer, with a data technology stack that includes human-driven machine learning and NoSQL technologies such as Hadoop, MongoDB and ElasticSearch. For more information including a demo, visit www.rosslynanalytics.com or @RosslynBI.