As organizations seek to become more resilient and successful, a data-driven approach has become a hot topic in the data world. Embracing data-driven practices holds the promise of delivering better business performance, increased efficiency, improved collaboration, and enhanced operational risk management for companies across industries.
In 2023, data leaders face crucial priorities and challenges that will define the success of their organizations. Let’s delve into specific insights from surveys and studies conducted by industry experts to uncover the key strategies that data leaders might consider adopting to navigate this data-driven landscape.
Driving Value with AI and Strategic Data Investments
Jérémy Corbet, Founder at Hello World Recruitment, highlights four main areas for data leaders: the AI surge, scalability, analytics evolution, and data governance. According to Corbet’s report, AI services like ChatGPT and predictive analytics enable companies to automate processes and gain insights at a low cost, offering a significant advantage. The report also emphasizes that 43% of data executives plan to focus on building or growing their cloud capability, indicating a clear need for scalability solutions.
Analytics as a Lifeboat in Uncertain Times
In 2023, data analytics plays a foundational role in helping companies navigate uncertainty, as revealed in the survey conducted by the team of Susan Wilson, Group Vice President of Americas Solutions (Informatica). The survey findings demonstrate that businesses can identify inefficiencies, streamline processes, and enhance productivity by leveraging data analytics. Additionally, the survey highlights that data-driven organizations prioritize digital analytics, especially in light of technological changes like the sunsetting of Google’s Universal Analytics.
Data Governance: The Foundation of Data-Driven Organizations
The importance of data governance is reiterated in the survey conducted by Gartner, which surveyed 330 Chief Data and Analytics Officers (CDAOs) to understand their focus areas for 2023. The survey shows that data governance remains the top priority for CDAOs for the second year in a row. With the AI shift, AI governance has become a new preoccupation for data leaders, as companies rely on AI services and must manage access to sensitive data.
Aligning Data Strategy to Empower Business Priorities
The alignment of data strategies with business objectives is crucial for organizations, according to the survey conducted by Susan Wilson. The survey findings show that when data strategies and business strategies are aligned, data leaders feel more empowered, have greater control over their budgets, and execute their data strategies more effectively. The survey reports that 92% of aligned data leaders feel empowered to implement their data strategy, and 76% of them have complete control of their budget.
Taking a Unified Approach to Manage Data Fragmentation and Complexity
The challenges of managing data fragmentation and complexity are underscored in the survey shared by Susan Wilson. The survey reports that over half (55%) of the surveyed data leaders said having over 1,000 data sources. This complex data landscape hinders the effective execution of data strategies. However, the survey also highlights that proactive data leaders understand the importance of a unified data management approach to address this challenge and support evolving business needs.
Measuring What Matters
Susan Wilson’s survey findings reveal that top-performing data leaders focus on measuring how data strategy impacts business results. Improving data quality for decision-making and operational processes is a key priority for 44% of data leaders surveyed. Moreover, 40% of data leaders aim to improve the timeliness of data delivery, ensuring that real value is derived from data investments.
By embracing AI and strategic data investments, harnessing the power of data analytics, and establishing robust data governance, data leaders can empower their organizations to thrive in an uncertain world. Aligning data strategies with business objectives, adopting unified data management approaches, and measuring the impact of data strategies will pave the way for data-driven excellence and unlock the true potential of data assets.