Confidence in data strategies declines, despite majority of businesses looking to improve data capabilities
16th November 2022, London, UK: After a challenging year for all businesses, there is clear intent from the majority (60%) of organisations to improve data capabilities, but a corresponding decline in confidence in their data strategies, according to a new report from data consultancy, Cynozure.
Businesses must be confident about the data strategies they deploy to ensure all data is held safely and responsibly, but this appears to be an issue for many. Cynozure’s Data Strategy Benchmark Report – which surveyed people from sectors including retail, financial services, leisure and entertainment, and others – found only 10% of respondents agree that people trust data is clean, secure and well managed within their organisation, pointing to a lack of confidence in data strategies across all sectors.
The data also exposes a widespread issue around data literacy. Fewer than half (42%) of respondents felt that the benefits of using data were clearly understood within their organisation, and only two in ten (22%) think they have the necessary skills in their organisation to deliver strong value from data.
This is particularly concerning when considering that close to 70% of employees are expected to use data heavily in their job by 2025, highlighting a need for better education around data to improve awareness, understanding, and skills.
Having a well-thought out, clearly defined data strategy is critical to business growth. It can provide the insight needed to make more accurate, faster decisions, allow for the streamlining operations, improve productivity, and enhance customer service. During times of economic hardship such as that we’re currently in, these benefits can prove the difference between an organisation surviving or not.
Jason Foster, CEO and Founder of Cynozure, comments: “Data can feel complex and unwieldy – particularly for businesses that generate a lot of it – and it’s understandable that many people don’t feel confident dealing with it day-to-day.
“Having an effective data strategy carries a host of benefits for organisations and can be one of the fastest routes to growth. In short, data is one of the most powerful assets any business has at its disposal. But tangible business value can only be derived if there is an effective data strategy in place to extrapolate the insights needed to inform business outcomes. As we look ahead, and businesses of all sizes seek to weather the ongoing economic storm, data will only become more important, and it’s critical that we work to increase business confidence and improve education around the topic.”
The findings have been compiled based on insight from attendees at industry event, Big Data LDN 2022. The respondents, who represent a variety of sectors including retail, public sector, financial services, media and telecoms, distribution, and logistics, completed the Cynozure Data Strategy Scorecard, which asked about their organisation’s data strategy and use of data. The findings provide insight into strengths and areas for improvement across the sectors, and have been compiled to create the Data Strategy Benchmark Report.
Based on responses from 108 business professionals at Big Data LDN 2022. Data collected 20th – 21st September 2022.
Respondents represented a variety of sectors including retail, public sector, financial services, media and telecoms, distribution and logistics, charity and not for-profit, leisure and entertainment, and consumer goods. C-level executives made up 6% of respondents, Directors/VPs 21%, Managers 39%, and Contributors 34%.
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Cynozure was founded in 2016 with the ambition to reshape how businesses view data and analytics. People first, business first and outcome focused. With a history in driving business value through data and having worked in industry, Founder and CEO, Jason Foster set out to establish a new precedent on data strategy in a traditionally tech-led data industry, and is doing so through its Level Up Framework, which focuses on business outcomes and adding incremental business value.
Today, the growing Cynozure team continues to work hand-in-hand with forward thinking organisations, developing best practice and making data more accessible for everyone. Cynozure is also an active member of the data community, regularly publishing whitepapers and blogs, as well as its weekly podcast – Hub & Spoken.