Wanted: People To Re-Energize The Stalled Corporate Data Revolution – Forbes
Looking for a few good data leaders
Despite all the hoopla around artificial intelligence and advanced analytics in recent years, there has been a decline in corporate efforts to become more data driven. What happened, and how can things be put back on track?
Efforts to move forward with data-driven values have been hampered by complexity, and recalcitrant corporate cultures, an analysis published by Harvard Business Review Analytic Services and underwritten by Capital One shows. The report’s authors point to revealing data from a survey conducted in early 2023: 60% of enterprises are employing data to drive innovation, down from 64% in 2020. Forty percent report competing on analytics, down from 50% in 2020. (The data was drawn from a NewVantage Partners/Wavestone survey.)
What became of all the enthusiasm for data-driven business we keep hearing about?
“The struggle to become more data-driven may be due in part to the complexity of building a data culture,” the study’s authors state. “Companies have not progressed in many of their efforts to become data-driven over the past three years.” Efforts to instill data-driven practices are weak — cited by less than 25% of technology executives over the past three years.
Developing a data strategy that fuels real business value — delivering increased revenue or greater innovation across products, services, and experiences — is a challenge easier said than done, the report continues.
This has implications for moving forward with next-generation business initiatives such as artificial intelligence. “Making the most of AI requires a multifaceted data strategy that enables people across the company to use data to inform important decisions,” the report states. “Fostering a data-driven culture throughout the organization is an integral piece of a successful data strategy.”
In addition, the co-authors point out, “companies may be unsure how to proceed in their efforts. There is no standard playbook, no blueprint yet, that chief data officers can use. Any change or transformation takes time. However, many organizations have a completely unrealistic view of what it means to be data-driven and develop a data culture.”
What does a healthy data strategy look like? The report points to the following must-haves:
The companies that will see the most successful data strategies “will be the ones that think the most creatively,” the report states. They “don’t put arbitrary obstacles in their own path, and that realize the way they did things in the past may not be how they should do them in the future.”
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Despite all the hoopla around artificial intelligence and advanced analytics in recent years, there has been a decline in corporate efforts to become more data driven. What happened, and how can things be put back on track?
Efforts to move forward with data-driven values have been hampered by complexity, and recalcitrant corporate cultures, an analysis published by Harvard Business Review Analytic Services and underwritten by Capital One shows. The report’s authors point to revealing data from a survey conducted in early 2023: 60% of enterprises are employing data to drive innovation, down from 64% in 2020. Forty percent report competing on analytics, down from 50% in 2020. (The data was drawn from a NewVantage Partners/Wavestone survey.)
What became of all the enthusiasm for data-driven business we keep hearing about?
“The struggle to become more data-driven may be due in part to the complexity of building a data culture,” the study’s authors state. “Companies have not progressed in many of their efforts to become data-driven over the past three years.” Efforts to instill data-driven practices are weak — cited by less than 25% of technology executives over the past three years.
Developing a data strategy that fuels real business value — delivering increased revenue or greater innovation across products, services, and experiences — is a challenge easier said than done, the report continues.
This has implications for moving forward with next-generation business initiatives such as artificial intelligence. “Making the most of AI requires a multifaceted data strategy that enables people across the company to use data to inform important decisions,” the report states. “Fostering a data-driven culture throughout the organization is an integral piece of a successful data strategy.”
In addition, the co-authors point out, “companies may be unsure how to proceed in their efforts. There is no standard playbook, no blueprint yet, that chief data officers can use. Any change or transformation takes time. However, many organizations have a completely unrealistic view of what it means to be data-driven and develop a data culture.”
What does a healthy data strategy look like? The report points to the following must-haves:
The companies that will see the most successful data strategies “will be the ones that think the most creatively,” the report states. They “don’t put arbitrary obstacles in their own path, and that realize the way they did things in the past may not be how they should do them in the future.”
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
