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In a new survey of European business leaders, only two thirds of respondents (63%) said that their leadership team understands the importance of data to their business. In addition to concerns about low in-house data literacy, 47% said that new strategies drawn up in response to the pandemic are being rushed, according to Dun & Bradstreet’s latest survey.
“Data is increasing at a rate that’s no longer measurable,” said Rikard Candell, Analytics Director, Dun & Bradstreet Europe. “It can seem tremendously complex – and unfortunately, in the future it will only become more challenging.”
Download the new report: The Future of Data – A dive into the power of data
Having a robust strategy has gone from a commercial advantage to an absolute operational necessity. Encouragingly, two thirds of surveyed business leaders (67%) do believe that data is vital to future business success. “And 52% go so far as to say their company simply won’t survive without the best quality data,” said Anthony Scriffignano, Dun & Bradstreet Senior Vice President and Chief Data Scientist.
Yet serious challenges remain.
A third of the survey respondents (32%) attributed low data literacy to a lack of technical solutions to utilise data. Outdated systems can present a stumbling block – 46% said that legacy technology infrastructure stops them from taking full advantage of data. Just maintaining and working around these older solutions can drain resources and slow progress.
The survey showed that two thirds of organisations would value more advice on how to get the most out of their data (67%). External guidance could play a valuable role in supporting businesses and shoring up data skills in-house.
“Working together will enable businesses to focus on what they were founded for and do best,” said Candell.
This survey of 1,704 business decision makers was conducted by Censuswide in August 2021.
The respondents came from organisations based in the UK, Germany, Austria, Sweden, Switzerland, Norway, Denmark, Finland, Poland and Hungary.
Download the new report:The Future of Data – A dive into the power of data