New research from data integration and integrity firm Talend examines the challenges businesses face in becoming data-driven organizations and the solutions to these challenges. It’s clear that business leaders know how important data is—two-thirds report that they use data every day. Yet 78 percent of these leaders say they face challenges in using their data, and more than a third say they simply aren’t using it to make decisions.
There’s a difference between data-saturated and data-driven. Companies have more access to data than ever before, but there’s very little way to make sense of it. Only half of the executives highly rate their ability to deliver the basics: timely, accessible, complete, and accurate data. Data management companies have been offering to solve these problems for years—but they’re focused on the mechanics of data like moving it and storing it.
Obtaining data health
“Our relationship with data is unhealthy. Only 40 percent of executives always trust the data they work with, and more than a third of executives are still making decisions based on gut instincts,” said Christal Bemont, CEO of Talend, in a news release. “The reality of data is falling well short of the industry’s vision. Data management, which largely focuses on moving and storing data, doesn’t take into account the overall health of data. Therefore, in trying to manage data, companies are in fact creating digital landfills of corporate information. This has to change. Our vision of data health is the future because it recognizes fundamental standards for quality and reliability are critical for corporate survival.”
Data health is Talend’s vision for a holistic system of preventative measures, effective treatments, and a supportive culture to actively manage the well-being of corporate information. It is designed to allow companies to answer basic questions about their data that remain challenging for many to address—where it resides, who has access to it, whether it’s accurate, and how much it’s worth. Data health would help organizations understand and communicate—in a quantifiable way—the reliability, risk, and return of this extremely critical business asset.
Customers report that a focus on data health is having a positive aspect on their business. “Without access to quality data on time, we could have never achieved the scale of analytics we are currently in,” said Ranadip Dutta, solution architect manager, Lenovo. “We now have flexibility along with scalability.”
From March 24th to April 8th, 2021, Talend led a survey via Qualtrics of 529 global executives—with titles ranging from director to the C-suite — from medium and large companies making more than $10 million in annual revenue to assess their ability to make data-driven decisions.