Companies Can’t Manage Data Quality
- By CDOTrends editors
- September 29, 2022
Driving business impact from data is becoming increasingly difficult, as new findings from Talend’s Data Health Barometer show that companies are struggling to manage their data effectively. The trends are worsening year-on-year amid businesses' expectations that data will become more critical to driving growth and incoming economic turbulence.
The survey, conducted annually among independent data experts and leaders globally, found that while 100% of Singapore respondents believe data is essential, they also face challenges in effectively using data (97% of global respondents).
What’s more, 38% of Singapore respondents say it’s not easy to use data to drive business impact, four points lower than for global respondents at 42%. In addition, half of Singapore respondents think their data isn't as fast and flexible as it needs to be (51%), and 49% don't have fast access to the right data, eight points higher than the global average.
Data health is a company’s overall data state and how well it supports targeted business outcomes. It is not just the quality of data but how readily available and accessible it is to those who need it and how users trust the data.
Companies now rate themselves around 10 points lower than they did in 2021 on all five markers of healthy data: timeliness, accuracy, consistency, accessibility, and completeness. Timeliness has decreased by 29 points and accessibility by 15 points.
This is having a knock-on effect on business performance, with 65% of Singapore respondents and 57% of global respondents saying they struggle to get the data they need due to remote work.
The results also point to a skills gap in data literacy. According to both Singaporean and international respondents, the primary barrier to data analysis success wasn't a lack of money or resources — it was people.
Still, Singapore companies are ahead of the curve in data literacy programs, with 82% having implemented one compared to just 65% of companies globally. More (51%) Singapore respondents are also concerned about having enough skilled resources to manage or analyze data, compared to 38% of global respondents.
“In the coming years, businesses are only going to become more reliant on data to navigate the challenges of a turbulent economy and an increasingly competitive marketplace,” said Christal Bemont, chief executive officer at Talend. “By putting a focus on reliable data — supported by a strong data culture with a focus on agility and trust — businesses can not only weather any storm but come out ahead. Having a healthy data environment in place gives organizations the power to run lean in tough times without sacrificing their long-term strategy.”
“Companies based in Singapore find themselves at a consistent level of understanding and trust of data compared to international organizations, but like everyone, they still face many challenges in using data effectively," said Felipe Henao, senior manager for product marketing at Talend. "With global economic headwinds, these results suggest that for every business going forward, the focus needs to be on the final mile: bringing companies that lag up to par on their data initiatives and helping companies that already prioritize data get even more value from their investment.”
Image credit: iStockphoto/Natalia Varlamova