Global 2000 enterprises are hindered by data debt, lack comprehensive data strategies, and realise the need for specialised talent to meet business goals, a report from HFS Research and Syniti shows.
The report interviewed 308 Global 2000 business leaders, of whom 49% are from the United States, and the rest across Europe and Asia, including Singapore.
The report recommends five strategic principles that will enable meaningful progress in addressing data debt and championing a Data First culture.
First, data isn’t just IT’s problem; it’s a core business issue. The strategic goal for data management is to facilitate seamless end-to-end business processes, supporting the “OneOffice” experience, where people, intelligence, processes, and infrastructure come together as one integrated unit, with one set of unified business outcomes.
Second, data and AI have a chicken-and-egg relationship. Firms need to address both together. Better data management emerges as the No. 1 initiative to leverage AI capabilities better.
Third, measure the impact of bad data; it’s critical to reducing your data debt. Less than 40% of organisations interviewed have methods and metrics in place to quantify the impact of bad data on their organisations.
Fourth, data is a huge people issue. The shortage of specialised talent is one of the top 3 challenges in data management.
And fifth, professional services need to be reframed as business data services—with a focus on outcomes, not effort. Nearly 90% of enterprises rely on third-party providers for data initiatives.
However, focusing on effort rather than results leads to inefficiencies. Enterprises must demand providers prioritise meaningful results to drive true value.
“We are now at an inflection point in the evolution from generalists to specialists; data work is unique and complex and requires 100% dedicated focus to build specialised skills, training and needed career paths,” said Kevin Campbell, CEO of Syniti.
“To achieve real, tangible business benefits from your data, you need skilled data specialists who understand data in context — not business generalists or developers,” said Campbell.
Phil Fersht, CEO and chief analyst at HFS Research, said many business leaders still take a backseat when setting key data objectives, causing data to remain siloed across departments, and resulting in misaligned expectations across IT and business professionals.
“The focus for enterprise leaders must be on developing strategic talent that understands the business context behind the data,” said Fersht.
