Do you have a Data Strategy?
The Economist Intelligence Unit recently carried out a survey sponsored by SAS to find out how companies are handling data. Big data is being used differently in different markets all around the world. The SAS research based on a survey by the Economist Intelligence Unit, asked 632 executives from around the world how they see data and what the main uses are. The results are published in the Infographic based on their findings.
The results show that companies still face significant challenges when it comes to data. However, companies with a well-defined data strategy proved financially ahead of those without. And because of the increasing amounts of data and platforms generating it, many companies were struggling to make sense of it.
The top challenges are:
• Maintaining data quality and integrity
• Acquiring valuable insights and converting them to action
• Using data to drive operational efficiency and strategic direction
• Dealing with external unstructured data and the Internet of Things
• Hiring and retaining talent to manage data systems to drive data innovation and governance
With GDPR just around the corner, the need to address data governance is a priority. Many companies are creating the role of CDO (Chief Data Officer) to be responsible for corporate data governance.
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