Earlier this year, ObservePoint conducted its 2018 Digital Analytics & Data Governance Survey and released a report on the results. In the report, analysts, marketers and other data-driven professionals shared their thoughts on the state of analytics and data governance in their organizations. Below are the top statistics and insights from that report.
To view the full report and a summary of who took the survey, download the PDF here.
1. Analytics maturity is still in its adolescence
“Room for growth” describes the state of analytics strategies among respondents. 50% of companies say their analytics strategy is either only slightly or somewhat mature. The bright side is that companies who feel like they’re falling behind the big analytics wheelhouses aren’t alone.
Q: How would you describe your company’s analytics strategy?
2. Analytics documentation is not treated as a priority
Unfortunately, a majority of companies aren’t taking their analytics documentation seriously. More companies did not have documentation than those who did. If companies don’t remedy this lack, then they may experience acute growing pains while trying to grow their analytics team and data strategy.
Q: Does your company have a documented analytics strategy?
3. Executive buy-in is up
93% of executives are at least somewhat invested in data, giving data-focused professionals an opportunity to advance their objectives in data analysis and governance.
Q: How would you rate executive buy-in or investment in your data governance/management (e.g. analytics, data security, data privacy)?
4. A lack of human resources is a pressing concern
Finding and retaining human resources seems to be holding companies back from accomplishing their data governance/management objectives. Companies who can capitalize on the scarcity of resources (either as a first- or third-party) could stand out in their competitive sector.
Q: What is the greatest challenge your organization faces in regards to data management/ governance?
5. On average, data professionals only spend 40% of their time analyzing data
Data janitors abound, but companies who invest in data governance and management personnel and programs experience incremental boosts in analytical efficiency.
Q: How many hours do you spend weekly performing data cleansing, preparation, processing, and analysis?
6. Improved decision-making is the #1 benefit of data
34% of respondents said improved decision-making was the most important benefit from data.
Q: What do you see as the most important benefit of data management/governance?
7. Data personnel and programs improve confidence in data accuracy (and decisions)
Data governance/management personnel and programs increase confidence in data accuracy—an important insight considering the stock respondents placed in data-driven decision-making. Yet not everyone has a data governance program or any personnel responsible for data governance, signaling another potential area of improvement.
Q: Does your company have designated data governance/management personnel?
Some additional insights
On average, companies with a data governance program increase the amount of time analyzing data by 2% and show 31% greater confidence in data accuracy (based on ratings of data as accurate or highly accurate).
Companies that have an executive in charge of data governance/ management show 42% greater confidence in data accuracy than companies with no data governance personnel.
The Future of Data Governance
Data governance, though well-known as a term, is still developing in our analytics-driven world. Early adopters will have the advantage over the competition. Download the report to view more statistics and a breakdown of survey respondents.
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About the AuthorLinkedIn More Content by Jack Vawdrey