Talend has launched outcomes from its second annual Information Well being Barometer world survey that discovered 97% of respondents are dealing with challenges in utilizing knowledge to its full potential.
Talend says an organization’s total knowledge well being describes not simply the present state of its knowledge, but additionally how nicely it helps focused enterprise outcomes. Whereas 99% of corporations acknowledge knowledge as essential for his or her success, almost half say utilizing knowledge to drive enterprise influence is just not simple.
The corporate cites a disconnect between knowledge and resolution making, and key findings uncovered by the survey embody how knowledge administration is worsening by the yr, there’s a knowledge literacy abilities hole, knowledge entry points persist, and knowledge high quality and belief issues stay.
In comparison with the primary Information Well being Barometer of 2021, corporations are score their knowledge administration round 10 factors decrease this yr. Talend lists the 5 markers of wholesome knowledge as timeliness, accuracy, consistency, accessibility, and completeness. Timeliness and accessibility noticed the biggest drops at –29 factors and –15 factors, respectively, and 57% of respondents admitted to combating knowledge entry on account of distant work.
The abilities hole can be a barrier, as one in three of these surveyed disclosed having reservations about how nicely staff perceive the info they use of their work. Solely 26% of complete respondents strongly agreed their whole group understands firm knowledge. Information consultants had been essentially the most essential of company-wide knowledge literacy, with 15% both considerably or strongly disagreeing that each one staff perceive the info.
Pace and adaptability of information entry is a priority for the 41% who say they don’t have quick or full entry to the info they want. Talend cites this as troubling as a result of growing income and optimizing prices had been ranked as the highest priorities for knowledge use, growing by 10 factors and 13 factors respectively from final yr. For 57% of these surveyed, knowledge infrastructure has not saved up with distant work, as they reported distant work has had a adverse influence on knowledge agility.
Lastly, knowledge high quality and belief proceed to be sore factors within the quest for utilizing knowledge successfully. Over one-third of respondents reported that trusting the info they rely on for resolution making is a serious problem, and almost half indicated that guaranteeing knowledge high quality is their greatest downside. Based on Gartner, poor knowledge high quality prices organizations a median of $12.9 million per yr. Whereas 82% of complete respondents in Talend’s survey stated they belief the info they use, solely 75% of these surveyed from the enterprise facet of organizations agree, leaving 1 / 4 of these making enterprise choices distrustful of the info.
Whereas the info well being barometer highlights the problems that hold companies from utilizing knowledge most successfully, it additionally reveals the methods corporations are utilizing to unravel these issues. Information literacy packages will help with the abilities hole, and 65% stated there’s a knowledge literacy program in place at their firm. For almost half, or 48%, these packages are led by the CDO or chief analytics officer. Moreover, 80% of respondents reported their organizations have customary metrics or KPIs in place, corresponding to recency, completion, and relevance, to evaluate knowledge high quality. Based on the outcomes, know-how corporations and people within the monetary providers and insurance coverage sectors are main the pack in establishing customary knowledge metrics, whereas healthcare, manufacturing, retail, and schooling are left to catch up.
Talend believes wholesome knowledge practices are the important thing to getting essentially the most from a corporation’s knowledge, particularly in turbulent financial occasions.
“Within the coming years, companies are solely going to turn into extra reliant on knowledge to navigate the challenges of a turbulent economic system and an more and more aggressive market,” stated Christal Bemont, CEO at Talend. “By placing a give attention to dependable knowledge — supported by a robust knowledge tradition with a give attention to agility and belief — companies cannot solely climate any storm however come out forward. Having a wholesome knowledge setting in place provides organizations the facility to run lean in powerful occasions with out sacrificing their long-term technique.”
Take a look at the report right here.