While most businesses understand the importance of data, few are truly able to transform it into a competitive advantage. So, what sets successful data-driven companies apart from the rest? The critical ingredient is data maturity. The higher an organization’s level of data maturity, the better they can leverage data to create value and unlock a competitive advantage.
Our new global study – The race to data maturity: is your business as far ahead as you think? – takes a closer look at the concept of data maturity by comparing how business leaders self-assess their level of data maturity to how their actual programs, processes and policies stack up.
By analyzing over 1,100 survey responses from business leaders in 21 countries, we found:
- Many companies are overconfident about their level of data maturity: 82% of respondents say they are more data mature than their competitors, but most don’t meet best practices that underpin data maturity.
- Data maturity is key to growth: the companies expecting the highest levels of growth are also the most likely to meet best practice on data across multiple factors, including data governance, centralization, mapping and quality control.
Our research identifies seven best practices to help businesses reach data maturity, drive growth, and unlock a competitive advantage through data.
- Operationalize a data governance program.
- Enforce organization-wide data mapping.
- Use a shared dashboard to monitor data quality regularly.
- Fix data quality issues at source.
- Centralize your data in a shared location.
- Make data available to anyone who needs it.
- Share data knowledge with everyone in your organization.
To read the full findings of the study, download the report below. If you have any questions or would like to set up a meeting to discuss any topics raised in the report, please get in touch with a contact below or via our contact form.