Third of business leaders fail to wake up to power of data
Data may be increasingly crucial to the majority of organisations - with 80% claiming they are unable to function without their data sources and 25% totally reliant on data in daily operations and decision-making - but a third of business leaders are still failing to recognise its importance.
So says "The Making the Enterprise Data Centric" from Exasol, which claims that a lack of board-level support for data initiatives has contributed to project failures in 23% of enterprises.
Despite 79% of organisations saying they had become more reliant on data in the last five years, 32% of UK business did not think that their business leaders fully understood the role and importance of data.
And, even though the majority of organisations aspire to be data driven, only 1% currently regard themselves as a purely data-driven enterprise. This is despite the fact that data analytics is set to contribute £241bn to the UK economy between 2015 and 2020.
Exasol chief executive Aaron Auld believes that educating business leaders on the importance of data is crucial: “Organisations can only deliver on their strategies to become more data-driven enterprises when business leaders understand the value of data. A crucial part of this is education and CIOs and data professionals have a vital role to play to ensure business leaders within the organisation are given easy access to information that helps them achieve their goals. This earns the understanding and cooperation that project-by-project data transformation requires.
“Organisations don’t become data-driven enterprises overnight – they first have to decide where to apply data analytics to meet this challenge. Successful projects are always business-driven, and from this success at the core they can begin to transform their business by looking for more, and better, data to enhance that project and permeate data transformation down their value chain.”