2020 Global Data Management Research Report From Experian

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The following is the 2020 Global Data Management Research Report From Experian recommended by recordtrend.com. And this article belongs to the classification: big data, Data industry, research report.

There is no lack of dialogue around data, where almost everyone understands the importance of customer insight, business operations and digital transformation. It is seen as a valuable source of insight and a key competitive advantage. In some cases, it is also considered a strategic financial asset. Unfortunately, while most companies have plenty of data, they lack meaningful insight.

In general, while companies are investing in data and, of course, analysis, most companies still think they are not data driven. When Experian inspected the market, he found several key reasons for this disconnection

First, there is a great deal of distrust of information. The average professional looking at the data doesn’t know how it’s obtained, when it’s useful, and what it’s in. This is especially true when data insight contradicts long-standing norms. In fact, almost one-third of the data were considered inaccurate.

Second, this high degree of inaccuracy leads to a big problem with data debt. Data debt is much like technology debt. You have a set of data assets that are not applicable, or it is highly inaccurate. Unless you take the time to fix the information and manage it properly, data operations will always be in a suboptimal state.

Finally, there is a shortage of data skills. This doesn’t just mean data professionals such as data analysts, chief data officers (CDOs), and data scientists. There is also a general lack of understanding of data in the broader business context.

We need to do more with the data, but practitioners will not reach the data results state they expect until the data debt and data skills shortage are solved.

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