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Many are missing the opportunities provided by true data-driven decision making, others are missing out altogether when it comes to current and future business.
After speaking with 300 CxO:s from 14 European markets our report; Management: Step up. The seven steps to a data-driven organization that top management must take shows that, by dividing up the CxO:s into their relative positions on the data journey, we can see how well CxO:s are dealing with their data and whether they are making use of smart data or not.
From the laggards to the data driven, we can see how well CxO:s are prepared:
We now see in the figures that there’s a real lack of knowledge when it comes to data-driven decision making. Additionally, the report reveals poorly allocated investment when it comes to managing and making use of data.
"…we realize that this widening gap in data knowledge is a roadblock to potential business growth."
Understanding this we realize that this widening gap in data knowledge is a roadblock to potential business growth. We have identified seven key steps for management to activate in order to better fulfill the potential of the data they have in their hands and that outside of their organization.
Process driven, each steps describes a headline action that must be taken by CxO:s to move further along the journey to take full advantage of Data.
They say, a little knowledge is a dangerous thing. We discovered that one in two of the CxO:s we spoke to believed that “Data, automation and AI will be important for my company, but it’s hard to say how”, at the same time that CxO:s are unaware themselves of what to do they are also concerned at the difficulty of recruiting talent. Thirty-eight percent of data driven organizations worryingly see attracting data talent as a permanent challenge.
Although our report details many challenges currently faced by European CxO:s we also look to solutions so please download a copy. Read more about each step and what it means to a CxO going through on the data shift.