Apparently, 1% of Fortune 1000 organisations still have no plans to invest in data. What’s up with that? Since 2012, the idea of data as a new asset class, engine of transformation or driver of the fourth Industrial Revolution has swept through the business world and led to a “golden decade” of investment.
You didn’t have to work too hard to get approval for creating a new data office and appointing the first chief data officer in most sectors. With the tail wind of regulatory change, from GDPR in the EU through to banking reforms worldwide, the ability to work with reliable data on customers, markets and the business itself has become a must-have for all except a tiny group of hold-outs.
And yet, as we emerge from the chilling effects of the Covid-19 global pandemic, a new question is starting to be asked in boardrooms - where data get us for our money? For many, the answer is surprisingly downbeat. In the third annual survey run by NewVantage Partners and published in Forbes this February, only 29.2% reported achieving transformational business outcomes and just 24% of respondents said that they thought their organisation was data-driven this past year, a decline from 37.8% the year before.
That does not bode well for a department with ambitions in the face of companies which may be throttling back their investment plans in the face of complex global market conditions. So the vital question to ask now is what is going wrong and how can it be fixed?
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