Legislative pressures push data compliance to the fore
The threat of enforcement action and huge fines is putting data compliance at the top of the agenda for many businesses, triggering increased investment in governance and the adoption of new self-service tools.
According to The Future of Enterprise Data: Democratised and Optimised report by ASG Technologies, which quizzed 200 chief information officers, compliance is the largest driver of data management initiatives for 50% of them.
It also reveals that more than a third of respondents (35%) plan to increase investment in data governance in 2019, while over a quarter of CIOs (28%) said they will invest more in data lineage.
Increasing access to data is also shown to be a priority, with almost three-quarters (70%) of those surveyed reporting that they have deployed a self-service data catalogue or business intelligence tool to enable business users to seamlessly access and leverage data.
There is a perception that improvements in data management tools will have additional benefits for businesses with half of CIOs (50%) feeling that better self-service data management tools could cut user requests for data in half, relieving IT teams.
"New privacy regulations are a major concern for businesses and is putting a lot of pressure on organisations to establish and maintain compliance. At the same time, they need to glean insights from all data to drive business performance and stay competitive," commented Swamy Viswanathan, chief product officer of ASG Technologies.
The survey also looked at the use of enterprise data within businesses, finding that it is most commonly used by IT teams (81%), compared to 64% of finance teams, 63% of marketing teams and 57% of business development teams.
Two-thirds of CIOs (66%) reported that only half of their organisation's assets are available digitally, while another 30% reported that only three quarters of their data is available digitally.
"CIOs must balance the need for truth and trust with the opportunity to shape the business through data-driven insights by making data available to more users while meeting compliance requirements. This survey shows that CIOs are focusing on these important initiatives by applying more automation to data intelligence while also expanding access through self-service tools to find, understand and use the right data for the right task," added Viswanathan.