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Businesses want to improve data capabilities, but data strategy confidence is declining

Confidence in data strategies appears to be declining in a time where businesses are seeking improved data capabilities to combat difficult trading climates – data literacy seems to be the answer.

Data literacy is a constant hurdle 

DataIQ and its members have discussed the importance and difficulties of data literacy many times, and this is highlighted by the new report which identifies that under half (42%) of respondents felt that the benefits of using data were clearly understood within their organisation. Furthermore, only two in ten (22%) believe they have the necessary skills in their organisation to deliver strong value from data.   

What truly compounds this issue is that it is expected that up to 70% of employees will have data-centric jobs by 2025. To ease the pressures of low data literacy and improve confidence in the benefits of data, there must be a strong drive for data education, investment in data skills training for existing staff and the development of key data talent pipelines. It has been shown multiple times that businesses with stronger data maturity are able to weather difficult market conditions better than those with limited data functions.  

Recently, DataIQ released an ebook about how data leaders can bring data into the boardroom to ensure data functions are represented during high-level discussions. Furthermore, award-winning projects have highlighted the benefits of data-driven processes which need to be communicated to different parts of businesses to instil confidence.  

“Data can feel complex and unwieldy – particularly for businesses that generate a lot of it – and it is understandable that many people don’t feel confident dealing with it day-to-day,” said Jason Foster, Cynozure CEO and founder. “Having an effective data strategy carries a host of benefits for organisations and can be one of the fastest routes to growth. In short, data is one of the most powerful assets any business has at its disposal. But tangible business value can only be derived if there is an effective data strategy in place to extrapolate the insights needed to inform business outcomes. As we look ahead, and businesses of all sizes seek to weather the ongoing economic storm, data will only become more important, and it’s critical that we work to increase business confidence and improve education around the topic.” 

A defined data strategy is essential for business growth and can be embedded to align with wider business objectives. This will allow for accurate decision making, faster decisions, streamlined operations, enhanced accuracy and stronger customer services. It is not a stretch of the imagination to consider these as make-or-break traits for a business to survive during times of hardship.  

Note: Respondents to Cynozure’s report represented multiple sectors including retail, public sector, financial services, media and telecoms, distribution and logistics, charity and not for-profit, leisure and entertainment and consumer goods. C-level executives made up 6% of respondents, directors/vice-presidents 21%, managers 39% and contributors 34%. 

To nominate yourself or a colleague as a data leader for inclusion in the 2023 DataIQ 100 UK for free, click here

To nominate yourself or a colleague as a data leader for inclusion in the 2023 DataIQ 100 USA for free, click here

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