In the words of Thomas Edison, the value of an idea lies in the using of it. Yeah, I’ve used that quote a lot to talk about the value of data. Data isn’t inherently valuable. But when you use it to better understand customers or to identify bottlenecks in a process or to detect fraud or revenue leakage, then it’s valuable. More simply put, Data + Use = Value. Another quote I repeat over and over.
Yet according to our new Business Technographics Data and Analytics Survey 2019, on average, only 48.3% of decisions are made based on quantitative information and analysis as compared to other more qualitative decision factors such as experience, “gut feeling,” or opinions. That number hasn’t really moved in years. Back in 2016, survey respondents even reported that 48.9% of decisions were made using quantitative analysis. We’ve really made little progress on that front over the years.
There is a glimmer of hope, however. New survey results, and anecdotal evidence from the field, tells us that data leadership makes a big difference. Organizations with data leaders report that 50.8% of decisions are made using quantitative analysis, compared to 44% in organizations without data leaders. And, this year saw a jump in the number of firms appointing data and analytics leaders – 58% of organizations now have a Chief Data Officer, up from only 51% last year. Hail the rise of the CDO and the leadership to drive an insights-driven culture. My upcoming infographic will illustrate many of the findings of our Business Technographics survey as well as a research survey on data and analytics leaders. Stay tuned.
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https://go.forrester.com/blogs/data-literacy-matters-do-we-have-to-spell-it-out/
