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Data: Organizations Struggle to Keep Pace with Growing Inflows of Data
Data has become a paradox for many organizations. Surveys show that businesses see great value in acquiring data. Two-thirds say that they aspire to be ‘data-driven’ companies. On one hand these companies say that they need to acquire even more data, but the paradox is that these same companies say that they struggle to analyze the data that they already have. This is maybe a classic example of “the eyes being bigger than the stomach”.
Dayne Turbitt, general manager for Dell in the UK and Ireland, said that “people have more data than they know what to do with, but they are not prioritizing data across the business, so there is a long way to go. There is a paradox of them wanting a ton of it, and yet wanting more of it.”
Forrester’s survey of businesses found that only an elite upper 12 percent of businesses are really successfully both collecting and analyzing their data in an intelligent way.
Why are businesses unable to effectively use their data? Forrester offers some ideas that include:
- Siloed data. Despite the amount of data that organizations may have collected, different data sets are often managed by different groups and departments, and there is nothing that connects or correlates the different sets of information.
- Culture. Many companies aren’t organized so that all departments are working together and sharing their data. Those same companies aren’t incentivizing their employees to more effectively innovate and use the data which they already have.
- Skill Shortage. Often businesses don’t have enough trained staff who have the technical skills to manage and effectively be able to analyze the business data. Forrester suggests businesses to recognize the importance of data in their organization and to appoint a chief data officer to help visibly lend support for building a stronger data initiative.
