UK-based data valuation specialist, Anmut, has released its Annual Data Leadership report based on evidence from almost 100 Chief Data Officers across 5 continents and with collective annual revenues of over $1 trillion.
The report highlights the following issues facing firms as they seek to manage and innovate with data:
- 91% of business leaders believe data is critical to the success of their businesses;
- only one in three (34%) of their companies manage their businesses’ data assets with the same disciplines as other business assets;
- two thirds (66%) are using half of their data budgets to fix problems and errors identified within the data itself;
- the average global business spends between 4% and 7% of annual operating expenses on managing its data;
- three quarters of respondents (76%) say their businesses are investing in large-scale data and digital transformation strategies;
- 63% say data is more critical than technology to achieve business transformation;
- technology gets three times the attention (73%) and five and a half times (88%) the budget as data;
- one third of company boards (33%) don’t consider data a ‘material asset.
Herman Heyns, CEO of Anmut comments,
“Time and again we’re seeing international businesses and household name brands coming under fire for reasons that seem preventable with hindsight, Those that succeed do so because they really understand the value of their data, and therefore prioritise and manage it well.”
The full report can be found HERE.