It’s no surprise that becoming a data-driven company is at the top of the corporate agenda. A recent IDC whitepaper found that data-savvy companies reported a threefold increase in revenue improvement, almost tripling the likelihood of reduced time to market for new products and services, and more than doubling the probability of enhanced customer satisfaction, profits, and operational efficiency.
But according to a January survey of data and information executives from NewVantage Partners, merely a quarter of companies describe themselves as data-driven, and only 21% say they have a data culture in their organizations.
Several key factors help explain this disconnect, but cultural issues were cited by 80% of respondents as the biggest factor keeping them from getting value from their data investments, while only 20% pointed to technology limitations. Based on the experience of experts who have surmounted these roadblocks firsthand, others remain as well.