Harvard Business Review Analytic Services surveyed 343 executives from around the world on how they are investing in their enterprise-wide data strategy and which strategies are most effective.
Find out how your data investments and strategies compare and learn about critical next steps to leverage your enterprise data as a strategic asset.
Executives report that under-investing in their enterprise data strategy is causing them to fall behind their competition. But experts agree that data governance and master data management are key to leveraging data as a strategic asset.
believe they are under-investing in their enterprise data strategy
say their data strategies are falling behind their competitors
say master data management is important to their future success
who have employed MDM say it is moderately or very effective
Scroll down to take answer the survey questions and see how you compare.
Harvard Business Review Analytic Services surveyed 343 executives and found that most believe their organizations are under-investing in their enterprise data management strategy, showing that the mantra of data as a strategic asset is not yet being put into widespread practice.
Industry leaders report under-investing in the enterprise-wide data strategy, but they report high levels of effectiveness with data governance and master data management (MDM) when implemented.
Which best describes your organization’s maturity in achieving an enterprise-wide data management strategy?
Implementation of data-management processes and technologies across departments, with a formalized data governance organization.
Implementation of data management processes and technologies across departments; formalized data governance organization in place.
Tactical implementation of data management processes and technologies.
Awareness of the need for data management.
Limited processes or technologies to manage information.
How does your organization compare? Select the option that best describes your level of maturity.
What you should know:
Nearly 75% of executives report an initial, managed or reactive data management strategy.
What to Do?
Experts say organizations must demonstrate the business impact of poor data strategy to get buy-in.
Download the report to learn the recommended steps to improve your enterprise data management strategy.
No matter your current level of digital maturity, experts interviewed by Harvard Business Review Analytic Services recommend implementing data governance and master data management to leverage data as a strategic asset.
Roughly three-quarters (73%) of respondents say their organization uses six or more data types. Nearly half (49%) use more than 10 different data types.
What’s more, 82% of respondents expect the number of different data types used in their organization’s business operations to increase over the next two years.
Reference Data* (data which is used to classify and categorize other data, such as country codes)
What You Should Know:
The fact that data is growing exponentially is hardly news. However, the variety of data might be even more important than the volume, as organizations expect the number of critical data types to continue to grow.
What to Do:
Critically, any data management strategy must be flexible enough to match the large number of data domains companies will use, such as product data or customer data — as rarely does a single type solve business problems and drive business outcomes.
Download the report to learn the recommended steps to better manage this growing problem.
Which of the following types of enterprise data are essential to your organization’s business operations today? Select all that apply.
— Nicola Askham, Director of the UK chapter of the Data Management Association (DAMA)
Over 55% say MDM is the second-most important data strategy an organization needs to have in place to achieve high-quality and trusted enterprise data. However, only about half the number of respondents (28%) say it is actually in place in their organization today.
What You Should Know:
Despite relatively low levels of adoption, the majority of respondents (55%) say master data management is important to achieving high-quality enterprise data.
What to Do:
According to experts, organizations need to reject the philosophy that data governance alone is enough to improve data quality. The standards need to be enforced by MDM to maintain that quality.
Download the full report for concrete steps toward a better data strategy.
Do you have a master data management or data governance program in place today?
Master data management
Are master data management and data governance important to have in place in order to achieve high-quality and trusted enterprise data?
Master data management
Don’t let low-quality data derail your business initiatives. Learn how you can accurately analyze customer purchasing patterns, improve operational efficiency and more with trusted enterprise data.
Download the full, free report from Harvard Business Review Analytic Services to learn:
of executives say that having a strong master data management program is important to ensuring their future success.
of executives believe their organizations are underinvesting in their enterprise-wide data strategy.
of executives say their organizations rely on more than 6 data types that are essential to business operations.
of respondents who have employed MDM say their organizations' approach to MDM is moderately or very effective.
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