Independent IT advisory Coeus Consulting, has announced new research into the approaches organisations are using to drive value from their data. The report – Beyond Technology: How can organisations drive sustainable value from their data investments? – highlights that many organisations are potentially failing to realise the potential value, or monetise, their data despite 74% acknowledging it as a key priority.
The survey found that 80% of the large organisations surveyed believe accountability for data strategy rests with technology leaders such as IT Director, CIO or CTO. Additionally only a quarter of organisations currently elect to have a Chief Data Officer, and even less place accountability with others in the C-suite. Emphasis is being placed on speed (32%), cost (28%), and competition (30%), but less so on more fundamental underlying value, the insights it offers, or decision-makers’ ability to develop new products and services from those learnings.
Richard Graham, Associate Director said: “Many investments in data and analytics have been started from a technology perspective with little alignment to business value or desired outcomes that can be measured against a business strategy. Businesses need a change of mind-set and approach right across the organisation, and the challenge is more than simply collecting data and making it available.”