Why Many Organizations Don't Trust Their Data

 
 
By Dennis McCafferty  |  Posted 12-16-2016 Email
 
 
 
 
 
 
 
 
 
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    Why Many Organizations Don't Trust Their Data
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    Why Many Organizations Don't Trust Their Data

    Most professionals who work closely with data analytics are not confident in the integrity and reliability of resulting insights and worry about data quality.
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    Trouble Signs
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    Trouble Signs

    60% of the global decision-makers surveyed said they are not very confident in their organization's D&A insights, and only 10% feel their company excels in the management of D&A quality.
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    Fleeting Faith
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    Fleeting Faith

    Just 43% trust their D&A insights related to risk and security, and only 38% do so for D&A provided for customer insights. About 33% feel this way for business operations-related D&A.
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    Checked Out
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    Checked Out

    Only 51% of the respondents believe their organization's C-suite executives fully support their company's D&A strategy.
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    Out of Sync
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    Out of Sync

    Just 47% said their D&A outputs are consistently used organization-wide.
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    Minimal Impact
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    Minimal Impact

    Only 44% of the respondents said the use of data has optimized and improved the effectiveness of key business processes throughout their organization.
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    Operational Issue
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    Operational Issue

    Just 43% said employees throughout the company use data and analytics appropriately to complete tasks and make decisions.
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    Over-Exposed
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    Over-Exposed

    70% of the respondents said that, by using D&A, they expose themselves to reputational risk through resulting data breaches.
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    Falling Short
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    Falling Short

    Only 46% said their analytics and model-building techniques aspire to meet industry best practices and standards.
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    Unchecked Area, Part I
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    Unchecked Area, Part I

    Just 45% of the respondents said they consistently use rigorous quality checks to ensure the accuracy of D&A models and outputs.
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    Unchecked Area, Part II
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    Unchecked Area, Part II

    Only 43% said they use the right and appropriate internal data sources for conducting analytics to ensure the inputs reflect the business area they want to address.
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    Top Uses of D&A
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    Top Uses of D&A

    Monitor business performance via financial reporting: 71%, Spot fraud: 70%, Drive strategy and change: 70%, Understand how company products are used: 70%, Comply with regulatory requirements: 70%
 

Despite all of the talk about the potential of data and analytics (D&A), most of the professionals who work closely in these areas are not confident in the integrity and reliability of the resulting insights, according to a recent survey commissioned by KPMG International and conducted by Forrester Consulting. The accompanying report, "Building Trust in Analytics," indicates that very few survey respondents think their company excels in the management of D&A quality. Such shortcomings impact the information needed for customer research, business operations and even risk and security management. It doesn't help that relatively few data professionals sense that their company's C-level executives fully support their efforts, nor do they feel that employees overall are taking advantage of D&A to effectively complete tasks and make decisions. What's needed is a fully integrated, constantly strengthening effort to ensure that D&A initiatives produce accurate results, and that these results directly support intended business areas. "Trust is not a project," according to the report. "Strengthening the anchors of trust is not a one-time exercise or a compliance tick-box. It is a continuous endeavor that should span your entire enterprise. From the sourcing and preparation of data through to the outcomes and measurement of value, building trust in analytics requires executives to look across their D&A lifecycle, from data through to insights and ultimately to generating value." A total of 2,165 global decision-makers responsible for setting strategy and/or managing data-related initiatives took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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