Business leaders who are facing challenges obtaining the data they need to ensure the success of their companies may be confronting an even more daunting issue: managing the data they have.
The results of a new survey by Capital One explore some of the data managing challenges corporations and organizations are dealing with. The survey identified obstacles in the following areas.
Understanding Data
- 76% said they found it was difficult to understand their data
Costs
- 82% of data management decision-makers found that controlling and forecasting data costs were challenging,
Talent
- Survey respondents said talent challenges were the biggest barriers to data management. "Decision-makers do not have enough staff, in-house expertise, or collaboration between teams and tools to achieve their outcomes," Capital One noted.
Cataloging
- Nearly 80% of those polled cited a lack of data cataloging as a top challenge. "Without data cataloging, decision-makers struggle to understand what data they have, how the data is used, and who owns the data," according to the company.
Business leaders who are facing challenges obtaining the data they need to ensure the success of their companies may be confronting an even more daunting issue: managing the data they have.
Data Governance
An overwhelming majority of respondents (82%) cited confusing data governance policies as another top challenge. "Effective data governance makes data relevant, easy to find and ready to use and derive business value from," Salim Syed, vice president and head of engineering for Capital One Software, said in a statement.
'Companies Can Unlock Insights
"Data has become the lifeblood of businesses today, and with the right approach to data, companies can unlock insights that have a real impact on the customer experience,' he observed.
"The more data that's collected and produced, and the more employees who consume it, the more important it becomes for companies to maintain good data governance. Businesses that adopt a comprehensive and thoughtful data governance program will be best positioned to navigate the changing business landscape as companies increasingly migrate to the cloud," Syed concluded.
A Balancing Act
A report prepared by Capital One about the survey concluded that organizations "must adjust how they balance global and local data use with a federated approach to ensure governance requirements are met and data access, quality, and observability is at its best.
"Organizations can't hire themselves out of the skills shortage facing so many businesses. Vendors and partners can fill the expertise and best-practices gaps left by employees with automation and no-code/low- code self-service.
The Capital One survey was conducted by Forrester Consulting. It was supplemented with questions that were asked of 157 data management decision-makers in North America. The survey was conducted in March 2022.
Getting The Most Out Its Data
One company is taking steps to get the most out its data.
One company is taking steps to get the most out of its data.
One company is taking steps to get the most out of its data.
The Wendy's Company "…intends to enable its franchisees and corporate users to better understand and leverage sales, cash management and transaction data to make informed decisions and quickly maximize operational efficiency," Chain Store Age reported this week.
The fast food chain is using a high-technology platform that"…is highly impactful for our restaurants," said Kevin Vasconi, CIO, The Wendy's Company. "We now have streaming real-time transaction data that goes down to the product level and gives us the ability to make on-the-spot decisions that keep our stores running smoothly and give our customers the best experience," he told the trade publication.