More than two thirds of data management leaders believe they have an effective data management strategy. They also believe they are approaching data cleansing and analytics the right way. This is according to a new report from SAS. The report also says that approximately 10 per cent of companies it calls ‘laggards’, believe the same thing.
The problem is – there are as many ‘laggards’, as there are leaders in the majority of industries, which leads SAS to a conclusion that ‘many companies are falling short in data management’. SAS has also translated the ‘falling short’ part into money – big data analytics and the IoT (internet of things) combined, could accumulate to £322 billion between 2015 and 2020, so ‘falling short’ really means losing a ton of money.
Leaders are facing the same troubles as laggards, but are more proactive when it comes to tackling these issues, and are thus better at solving them. Key obstacles are identified as lack of internal skills, lack of innovation and relevance to a wider business. Almost twice as many laggards are facing these troubles, compared to leaders. With a ‘clear approach’ to data strategy, data cleansing and analytics, three quarters of leaders have overcome the volume of data and have managed to gain maximum insight from their analytics.
Hugo D’Ulisse, Head of Analytical Platform, SAS UK & Ireland, said: “Organisations that are benefiting from analytics look to the long-term and recognise the importance of continuously improving their data management strategies. Businesses need to focus on looking inwards at training staff.”
“Organisations also need to develop innovation and reassess how they are managing data in order to truly reap the rewards and get ahead of the competition.”