Talend has launched outcomes from its second annual Knowledge Well being Barometer world survey that discovered 97% of respondents are dealing with challenges in utilizing knowledge to its full potential.
Talend says an organization’s general knowledge well being describes not simply the present state of its knowledge, but additionally how nicely it helps focused enterprise outcomes. Whereas 99% of firms acknowledge knowledge as vital for his or her success, almost half say utilizing knowledge to drive enterprise impression just isn’t straightforward.
The corporate cites a disconnect between knowledge and resolution making, and key findings uncovered by the survey embody how knowledge administration is worsening by the yr, there’s a knowledge literacy abilities hole, knowledge entry points persist, and knowledge high quality and belief issues stay.
In comparison with the primary Knowledge Well being Barometer of 2021, firms are ranking their knowledge administration round 10 factors decrease this yr. Talend lists the 5 markers of wholesome knowledge as timeliness, accuracy, consistency, accessibility, and completeness. Timeliness and accessibility noticed the biggest drops at –29 factors and –15 factors, respectively, and 57% of respondents admitted to battling knowledge entry on account of distant work.
The talents hole can be a barrier, as one in three of these surveyed disclosed having reservations about how nicely staff perceive the info they use of their work. Solely 26% of whole respondents strongly agreed their whole group understands firm knowledge. Knowledge specialists have been essentially the most vital of company-wide knowledge literacy, with 15% both considerably or strongly disagreeing that each one staff perceive the info.
Velocity and adaptability of information entry is a priority for the 41% who say they don’t have quick or full entry to the info they want. Talend cites this as troubling as a result of growing income and optimizing prices have been ranked as the highest priorities for knowledge use, growing by 10 factors and 13 factors respectively from final yr. For 57% of these surveyed, knowledge infrastructure has not stored up with distant work, as they reported distant work has had a detrimental impression on knowledge agility.
Lastly, knowledge high quality and belief proceed to be sore factors within the quest for utilizing knowledge successfully. Over one-third of respondents reported that trusting the info they rely on for resolution making is a significant problem, and almost half indicated that making certain knowledge high quality is their largest downside. In accordance with Gartner, poor knowledge high quality prices organizations a median of $12.9 million per yr. Whereas 82% of whole respondents in Talend’s survey stated they belief the info they use, solely 75% of these surveyed from the enterprise aspect of organizations agree, leaving 1 / 4 of these making enterprise selections distrustful of the info.
Whereas the info well being barometer highlights the problems that preserve companies from utilizing knowledge most successfully, it additionally reveals the methods firms are utilizing to resolve these issues. Knowledge literacy applications might help with the abilities hole, and 65% stated there’s a knowledge literacy program in place at their firm. For almost half, or 48%, these applications are led by the CDO or chief analytics officer. Moreover, 80% of respondents reported their organizations have normal metrics or KPIs in place, corresponding to recency, completion, and relevance, to evaluate knowledge high quality. In accordance with the outcomes, expertise firms and people within the monetary companies and insurance coverage sectors are main the pack in establishing normal knowledge metrics, whereas healthcare, manufacturing, retail, and training are left to catch up.
Talend believes wholesome knowledge practices are the important thing to getting essentially the most from a corporation’s knowledge, particularly in turbulent financial occasions.
“Within the coming years, companies are solely going to turn out to be extra reliant on knowledge to navigate the challenges of a turbulent financial system and an more and more aggressive market,” stated Christal Bemont, CEO at Talend. “By placing a give attention to dependable knowledge — supported by a powerful knowledge tradition with a give attention to agility and belief — companies cannot solely climate any storm however come out forward. Having a wholesome knowledge surroundings in place offers organizations the ability to run lean in robust occasions with out sacrificing their long-term technique.”
Try the report right here.