Information has become a valuable resource for companies, and IDC predicts that by 2017, 80 percent of CIOs will have a plan in place centered around using data to drive the business past its competition. Maximizing the effectiveness and profitability of data will become a driving factor for businesses in the coming years. The study found that currently, more than 70 percent of organizations that have data valuation processes in place are, for the most part, collecting and analyzing that data manually. Businesses will want to look at ways to shift from a manual process to something that is more automated as data starts to overwhelm the enterprise.
Although the study found that 95 percent of CIOs report that they believe data is impacting how organizations conduct business, 68 percent also said they had a difficult time finding stakeholders who viewed data management in a progressive way. This has led to issues with improper data management, ultimately leading to mistakes stemming from inaccurate data, according to the study. Ultimately, these errors contribute to poor regulations, customer experience and strategic decision making.
The solution to fixing gaps in data management, says IDC, include establishing an information governance framework and holding executives accountable to its progress. Companies also need to find a way to marry traditional business intelligence with the emerging trend of analytics and information.