Only 11% of business leaders believe data is generating value for companies
London, UK – June 16, 2015: 71% of corporate leaders recognize the importance of data to their companies but only 11% have actually generated financial value, according to ground-breaking research from Rosslyn Analytics, the fast growing publically listed provider of cloud-based data technologies to the biggest companies in the world.
Conducted by OnePoll in May 2015, the survey of 500 chief executives revealed stark and worrying differences in how data is perceived, used and valued by IT and business leaders.
“The wide chasm between the perceived importance of data and inability of business leaders to actually generate commercial value from data reveals the big opportunities facing companies,” says Charles Clark, CEO of Rosslyn Analytics. “Rosslyn Analytics’ survey reveals that the root cause of poor data monetization is the lack of business and IT alignment and, specifically, the need for business leaders to develop a data strategy that defines technology purchases – not the other way around, which is common in most companies.”
Today’s research shows that business leaders are more optimistic about the potential value the company could derive from data than IT departments. Other survey findings:
|Responses from IT Leaders||Responses from Business Leaders|
56% of CIOs and senior IT managers believe data is inaccessible by business decision-makers
|36% of business leaders believe this to be the case|
|46% of CIOs and senior IT managers believe data given to the business is of poor quality||Only 29% of business leaders believe data given to them is of poor quality|
IT believes the lack of data utilization is caused by the company’s data being in an unusable format
|Business leaders cite “understanding what data tells you and what it doesn’t” as the main reason for not utilizing data|
|For data strategies over the next two years, IT leaders want to prioritize developing centres of analytics||Business leaders prefer to prioritize data stores for decision-makers to access and use on-demand|
The survey also revealed that both IT and business leaders agree appropriate and effective technology is a top priority for making better use of data within organisations. This takes precedence over up-skilling the workforce, creating incentives for data use or addressing policies relating to data privacy. Again, both are ill-advised thinking technology first, strategy second.
Clark adds: “Companies that are able to successfully monetize the value of data do so because their business and IT leaders have found a common strategy which accommodates the technology requirements of IT departments and the business need for data delivered and consumed on-demand.”
In a potential precursor to the great data challenge, Gartner predicted in early 2014 that by 2017, 33% of Fortune 100 organizations would experience an information crisis due to their inability to effectively value, govern and trust their enterprise information.(1)
Rosslyn Analytics recently published, “Big Data: The Art of the Possible,” a practical guide on how different departments such as finance, procurement and marketing can use different types of data to answer a myriad of complex business challenges and questions.