Email team members trapped in your silos should ask yourselves this: Are you truly part of your company’s data culture?
The answer will determine
how well you deploy data for campaigns, judging by The Alation State of Data Culture Report, a study from Alation, conducted by Wakefield Research.
Assuming you are part of your
firm’s marketing unit, you are hardly at the forefront. Only 36% of marketing staff are top proponents for data and analytic usage.
That changes to 44% at top-tier
data culture companies.
But, overall, 49% of operations people drive data and analytics use, versus 44% of governance, risk and compliance experts.
Only 12% of companies
say all departments can conduct data search & discovery, and 15% claim data literacy across units. In addition, only 13% claim universal skills in data governance.
Yet most mid-tier
and low-tier firms think they are doing well at it.
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For example, 83% of mid-tier outfits have an inflated sense of their data culture, as do 91% of low-tier companies. Only the top tier
firms justly claim a high grade in this area.
What does having a data culture entail? It includes:
- Managing data governance at the point of data use —
49%
- Collaboration between business and data & analytics — 46%
- Creating metrics and KPIs around data curation — 42%
- Embedding data scientists in departments — 42%
- Training/re-training on using data — 41%
- Raising awareness about
the value of using data — 38%
- Designating or assigning data stewards within business units — 38%
- Emphasis on data skills in
new hires — 37%
- Establishing an internal data community — 36%
But there are serious challenges, as one knows who looks over their cubicle
wall:
- Lack of analytical skills among employees — 45%
- Data democratization: not everyone can access data on their own — 41%
- Managing compliance — 37%
- Lack of a data-driven culture — 36%
- Data discovery: do not know what data exists or who has what data
— 36%
- Data quality: bad, inaccurate, or redundant data — 34%
- Organizational silos: data is not shared among different groups —
34%
- Lack of buy-in from company leadership — 29%
When it comes to AI, here are the issues that lead to failure:
- Inconsistent
standards across data collection — 50%
- Compliance/privacy issues — 48%
- Lack of democratization of or access to data —
44%
- Inadequate data infrastructure — 44%
- Bad data quality — 39%
- Lack of available data — 37%
- Incomplete data — 27%
Aside from that, the biggest hurdles to using AI effectively are getting buy-in from executives who control funding for AI (55%) and having
employees without skills to create AI models (45%).
Sound familiar?
Meanwhile, there’s no question the top-tier are ahead of the game—38% were likely to exceed their
revenue goals, compared with 28% overall. However, there’s a seeming when it comes to simply hitting the goals—62% of the top-tier companies have done so in the last 12 months, and 61% of
all firms.
Wakefield Research surveyed data and analytics leaders at firms with 2,500+ employees in the U.S., UK, Germany, Denmark, Sweden and Norway.