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Leveraging data to drive better decisions is a top priority for most companies. Yet, few companies are doing this well. To better understand the challenges and barriers that companies face, the Digital Analytics Association (DAA) partnered with TMMData to survey more than 800 digital analytics professionals. What follows are some highlights from their research.
Top Data-Related Challenges
Interestingly, digital analytics experts identify insufficient resources, challenges accessing data, and data accuracy are the top three challenges they face. What this suggests is that creating the right infrastructure/platform is still a common challenge. As companies evolve and become more sophisticated in their analytical programs, they move beyond installing the infrastructure. Yet, many companies still struggle building the foundation of an effective program.
Amount of Time Required to Access Data
Only 13% of analysts are able to access the data that they need immediately. More than a quarter indicate that it often takes 2 weeks or more to access the data. TMMData Chief Marketing Officer Darren Wagner explained, “Despite the growing technologies in the industry, organizations – large and small – still struggle with gaining quick access to data due to incompatible BI tools, data integration challenges and corporate red tape.”
Quality of Data Used
Only 3% of analysts believed that the data they used on a regular basis was of “excellent” quality. Half believed it was “okay,” “fair,” or “poor,” reinforcing the challenge that experts are facing with regard to data quality. “It’s unfortunate that so many analysts can’t trust their data. To improve, organizations need a solid data governance infrastructure, the right tools and buy in from the top and bottom,” Wagner said. “Otherwise, we’ll likely see disparities in data quality persist, and dated, siloed and disjointed data will continue to drive business decisions.”
What this research suggests is that there is a big and growing divide between those firms who have access to better quality data and those who don’t. This sort of advantage translates into a meaningful competitive advantage for those firms who have figured this out.
Join the Discussion: @KimWhitler
December 29, 2018 at 06:34PM
Forbes – Entrepreneurs