Data Debt Emerges as Core Business Issue for Global 2000 Enterprises, But Shortage of Specialized Talent Remains Top Challenge in Data Management, According to New HFS Research and Syniti Report
18 Julio 2024 - 7:02AM
Business Wire
New Report: Don’t drown in data debt; champion your Data First
culture reveals that a lack of comprehensive data strategies among
Global 2000 enterprises is curtailing use of AI tools and
undermining business goals. Highlights of the report include:
- Nearly 85% of enterprise leaders agree that effective data
management significantly drives topline, bottom line, and
shareholder value.
- Enterprises perceive that over 40% of their organizational data
is unusable and is either not trusted, lacks quality, not updated,
inaccurate, duplicated, or inconsistent.
- Improving operational data availability to integrate AI tools
is emerging as the #1 challenge in implementing AI
technologies.
- Unified data management is critical. Aligning data initiatives
with business goals is crucial for reducing inefficiencies and
maximizing data utility.
HFS Research, a leading global research and analysis firm, in
partnership with Syniti, a global leader in enterprise data
management, recently released a report titled Don’t drown in data
debt; champion your Data First culture that reveals that Global
2000 enterprises are hindered by data debt, lack comprehensive data
strategies, and realize the need for specialized talent to meet
business goals.
The report interviewed 300+ Global 2000 business leaders (49%
from the U.S.) across industries to study how organizations are
navigating a complex landscape of data management challenges and
how those hurdles could impede their ability to fully leverage
operational efficiency and drive business growth. It recommends
that enterprises adopt a Data First culture, implement
comprehensive data management strategies, and shift towards
outcome-driven partnerships with service providers to prevail.
The report specifically recommends five strategic principles
that will enable meaningful progress in addressing data debt and
championing a Data First culture:
- Data isn't just IT's problem; it's a core business
issue. The strategic goal for data management is to facilitate
seamless end-to-end business processes, supporting the "OneOffice"
experience, where people, intelligence, processes, and
infrastructure come together as one integrated unit, with one set
of unified business outcomes.
- Data and AI have a chicken-and-egg relationship. You need to
address both together. Better data management emerges as the #1
initiative to leverage AI capabilities better.
- Measure the impact of bad data; it’s critical to reducing
your data debt. Less than 40% of organizations interviewed have
methods and metrics in place to quantify the impact of bad data on
their organizations.
- Data is a huge people issue. The shortage of specialized
talent is one of the top 3 challenges in data management.
- Professional services need to be reframed as business data
services—with a focus on outcomes, not effort. Nearly 90% of
enterprises rely on third-party providers for data initiatives.
However, focusing on effort rather than results leads to
inefficiencies. Enterprises must demand providers prioritize
meaningful results to drive true value.
Kevin Campbell, CEO, Syniti, said: "This research
proves what we have believed for some time, that the fundamental
problem with past data approaches is in the skills needed and
applied. We are now at an inflection point in the evolution from
generalists to specialists; data work is unique and complex and
requires 100% dedicated focus to build specialized skills, training
and needed career paths. To achieve real, tangible business
benefits from your data, you need skilled data specialists who
understand data in context - not business generalists or
developers. It’s also gratifying to see this research validate that
our Data First approach is crucial to driving successful
transformations, whether that's achieving the benefits of applying
GenAI or transforming the underlying business functions and
systems.”
Phil Fersht, CEO and Chief Analyst, HFS
Research, said: “Our research proves that a Data First culture
means data isn't just IT's problem; it's a core business issue.
Many business leaders still take a backseat when setting key data
objectives, causing data to remain siloed across departments, and
resulting in misaligned expectations across IT and business
professionals. The focus for enterprise leaders must be on
developing strategic talent that understands the business context
behind the data.”
Read the full report
About Syniti
Syniti solves the world’s most complex data challenges by
uniquely combining intelligent software and vast data expertise to
yield certain and superior business outcomes. For over 15 years,
Syniti has partnered with the Fortune 2000 to unlock valuable
insights that ignite growth, reduce risk and increase their
competitive advantage. Syniti’s silo-free enterprise data
management platform supports data migration, data quality, data
replication, master data management, analytics, data governance,
and data strategy in a single, unified solution. Syniti is a
portfolio company of private equity firm Bridge Growth Partners
LLC. Read more at www.Syniti.com.
About HFS Research
HFS is a leading global research and analysis firm trusted at
the highest levels of executive leadership. Our mission is to help
our clients—major enterprises, tech firms, and service
providers—tackle challenges, make bold moves, and bring big ideas
to life by arming them with accurate, visionary, and
thought-provoking insight into issues that impact their business.
HFS analysts and strategists have deep, real-world experience in
subjects they cover. They’re respected for independent, no-nonsense
perspectives based on thorough research, demand-side data, and
personal engagements with industry leaders. Visit
www.hfsresearch.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240718438940/en/
Media Contact for HFS Research: Hilary McCarthy Clearpoint
Agency 774.364.1440 Hilary@clearpointagency.com
Media Contact for Syniti: Shannon Van Every Force4 Technology
Communications shannon@force4.co