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Businesses need to get a handle on their data to respond to pandemic

(Image credit: Shutterstock / Gorodenkoff)

With Covid-19 still dictating working styles and businesses accelerating digital transformation efforts as a result, many companies have become increasingly reliant on quality data.

This is according to a new report from Experian, based on a poll of 700 data practitioners and global data-driven leaders. According to the report, more than four in five (84 percent) have seen an increase in demand for data within their organization, while almost three quarters (72 percent) said the increasing pace of digital transformation made their business more reliant on data.

Data also seems to be important to organizations engaged in social responsibility initiatives, with almost all exploring the idea of using their data to benefit society. Some want to collaborate with their partners better, in order to support those in need, while others would like to use data to better share talent and resources.

Yet another group, meanwhile, would like their data practitioners to spend time on voluntary projects.

However, in many cases, inefficient data management practices are slowing down processes. According to Experian, key barriers for businesses include having more accurate data, closing the data skills gap and being more agile in data processes.

“Businesses need to move fast to serve customers' changing needs, and leaders know that data-based decision-making is key to evolving the right way,” said Andrew Abraham, Global Managing Director, Data Quality, at Experian.

"It's also heartening to see organizations looking beyond the business applications of data, to how they can use it for societal good. However, if businesses are to succeed in either area, they must overcome fundamental barriers to effective data management."