Recently released survey results from Informatica provide crucial insights that Chief Data Officers (CDO), as well as data and analytics leaders, can use as they weigh decisions on data consolidation and governance across complex data estates.
As we enter the final month of 2023’s first quarter, it’s helpful to review several key findings, why they’re important, and recommendations on how to make them actionable as you gear up for the second quarter.
Informatica is one of the top 10 Companies on the Acceleration Economy Data Modernization Enablers Shortlist.
Key Findings for CDOs
The Informatica report, called CDO Insights 2023: How to Empower Data-Led Business Resiliency, includes responses from 600 chief data and analytics officers across the US, Europe, and Asia- Pacific regions.
Key takeaways include:
- Dispersed data and a need for unified management are widespread pain points: 55% of respondents have over 1,000 data sources active in their enterprise. At the same time, 50% predict they will use five or more management tools in 2023. That 1,000 figure truly jumps out as an incredible indicator of data sprawl which, in turn, can create significant security challenges.
- Data quality improvement and governance are top priorities: 52% of those surveyed said improving data governance is a key priority. At the same time, 42% said they have plans to invest in data quality and master data management (MDM).
- Investment in data technologies is increasing: 68% of those surveyed predict that investment in data management will rise in the year ahead.
- Strategic alignment between business and data unlocks tech investment dollars: Of those surveyed, 73% with firmly aligned business and data strategies predict increased investment in data technologies. Even more, 76% of respondents who classified their organizations as very or wholly aligned between these two functions reported having strong control of their tech budget.
How to Cope With Sprawl
I’d like to share a couple thoughts on how CDOs and other leaders in the data/analytics space can utilize this data.
Data sprawl is becoming increasingly problematic as companies expand their technology stacks in response to the proliferation of cloud applications. With companies self-reporting 1,000-plus data sources, there’s a pressing need to consolidate and centralize the management of data sources to help mitigate the issue.
Despite the economic downturn, it’s clear those organizations that remain committed to developing data-driven strategies are continuing to invest in the technology to support them. Data drives success in today’s digital-first business environment, so data tech investments are a strategic imperative. The key is identifying the areas of your business that will benefit most from data management tools and using them as a springboard for enterprise-wide rollout.
Data governance can be complex, but some platforms enable you to deploy governance strategies efficiently through automation. The strongest data governance and management platforms incorporate broad functionality that includes data quality, MDM, and access management capabilities.
Final Thought
While the sheer number of data sources, technologies, and investment opportunities can seem daunting, the Informatica CDO Insights report is a call to action for investing in data governance. The most robust governance platforms address the critical issues flagged in the survey. They will help you get a handle on your data, as well as how best to manage and operationalize it.
Which companies are the most important vendors in data? Click here to see the Acceleration Economy Top 10 Data Modernization Short List, as selected by our expert team of practitioner-analysts
