Data Innovation Summit: Data Integrity Trends
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The document discusses emerging trends in data integrity amidst significant business disruptions, highlighting challenges such as poor data quality, changing consumer behaviors, and increased reliance on technology. It underscores the importance of data-driven decision-making, with organizations prioritizing data quality and integration to address trust issues in their data. Economic downturns are influencing data strategies, leading to increased focus on cloud adoption and advanced analytics to optimize resources.
Data Innovation Summit: Data Integrity Trends
- 1. Data Integrity Trends Melvin Cheong | APAC Sales Engineer March 13, 2024
- 2. “The world is experiencing a level of disruption and business risk not seen in generations…
- 3. …some companies freeze and fail, while others innovate, advance, and even thrive.”
- 4. Macro forces are impacting your business Changing regulatory and privacy environment Volatile market conditions Long-term pandemic impacts
- 5. Long-term pandemic effects E-commerce sales increased 43%, requiring accelerated digital transformation 43% 75% 75% of consumers report having changed their buying behavior permanently 1 in 5 adults left their jobs in 2021 at the start of the “great resignation,” creating skills shortages1 1in 5 1. Pew Research Center, 2. US Census Bureau, 3. McKinsey
- 6. Changing regulatory and privacy environment expected cost of data theft, leaks and breaches in 2023 increases scrutiny 8 of consumers would like to see legislation preventing the sale of their data of S&P 500 companies now publish ESG (Environmental, Social, and Governance) reports. 64% 90% 1. Center for Audit Quality, 2. Cybersecurity Ventures, 3. Prosper Insights & Analytics $ Trillion
- 7. In a Goldman Sachs’ report, Joseph Briggs and Devesh Kodnani, showed that shifts in workflows triggered by AI advances could expose the equivalent of 300 million full- time jobs to automation. Boston Consulting Group (BCG) believe that if cost reduction and falling prices are how AI delivers significant productivity growth, then consumers will be the winners. Lower prices will boost real incomes that can be spent elsewhere. AI
- 8. AIRS Artificial Intelligence/Machine Learning Risk & Security Working Group (AIRS). • Focused on Financial Services, but applicable to most enterprises, identified four categories of risk: 1. Data Related Risks 2. AI/ML Attacks 3. Testing 4. Trust and Compliance • Specifically call out that “AI governance frameworks could help organizations learn, govern, monitor, and mature AI adoption. Four core components of AI governance are: definitions, inventory, policy/standards, and a governance framework, including controls.”
- 9. Enabling Framework/Components. Enabling the Enterprise! Data Scientists Data Governance Executive Leadership Sustainability Business Analysts HR Finance Leadership Procurement Sales & Marketing Fulfilment & Logistics Compliance & Legal Meet Regulatory Challenges and Accelerate Value Delivery Across Your Organization IT
- 10. Enterprise Challenge Executive Leadership Team Business Metrics Top Corporate Objectives Business Teams Critical Processes and Performance Measures Data Stewards and Consumers Critical Data ? Data Catalogue Are these relationships understood and actionable? • Am I applying the right risk profile and/or focus to this client? • Are there relationships gaps that I am missing and should be considered? • Are there other opportunities I am missing? • Where is the data I need? • Can I access it? • Can I trust it? • Is it for (my) purpose? • Annual Report • Sustainability • Growth • Customer Satisfaction • Operational Efficiency
- 11. • 450 companies surveyed across all industries and countries • Drexel is one of only 39 private institutions to receive the prestigious Carnegie R1 classification as a doctoral university with very high research activity • Precisely is partnering with Drexel University on new data integrity research.
- 12. QUESTION: What are your organization's goals for data programs? 77% report data-driven decision-making as the top priority for data programs 76.6% 72.8% 62.4% 58.6% 57.1% 56.8% 52.7% Data-driven decision-making Operational efficiency Cost reduction Revenue generation Regulatory compliance Risk mitigation Customer retention “2023 Data Integrity Trends & Insights Report” June 2023
- 13. QUESTION: How would you rate your organization’s ability to trust the data being used for decision-making? Trust in data is low… … and impacts data programs Poor data quality is the #1 challenge to DATA INTEGRITY for 50% of respondents Poor data quality is the #1 challenge facing DATA INTEGRATION projects for 60% of respondents Poor ADDRESS AND LOCATION DATA is the #1 challenge to achieving optimal data quality levels for 41% of respondents “2023 Data Integrity Trends & Insights Report” June 2023 45% Only 45% have high trust in their data for decision-making
- 14. Top priorities for data integrity “2023 Data Integrity Trends & Insights Report” June 2023 QUESTION: What are your organization’s top priorities for improving data integrity in 2023? 52.7% 49.6% 45.0% 40.7% 27.9% 22.5% 14.0% 13.2% 5.0% Data quality Data integration Data security and privacy Data governance Data observability Data enrichment Address verification and enrichment Spatial analytics Other (please specify) #1 focus area in 2023 is improving data quality, followed closely by data integration. With 77% of organizations reporting reliance on location for decision-making, spatial analytics and data enrichment are poised for increased focus.
- 15. QUESTION: How has the economic downturn impacted your organization’s data strategy? Economic downturn… Decrease in staffing & resource allocation … influences data strategy Decrease in budget 40% 37% QUESTION: Which of the following trends are influencing your organization’s overall data strategy? 57% Cloud adoption 49% 43% 43% Advanced data analytics Workflow automation Digital transformation 41% AI/ML 30% 21% DataOps Data democratization Respondents are turning to cloud, advanced analytics, and automation to drive down costs and resource requirements “2023 Data Integrity Trends & Insights Report” June 2023
- 16. ASK US FOR A COPY! The bottom line For all the details, download Data is more important than ever for your business initiatives Trust in your data impacts your ability to thrive and survive Data quality is the primary issue affecting data programs Technology investments are leveraged to do more with less
- 17. Challenges we hear… • How (and where) do I even get started ? • I am struggling to articulate the value our Data Program and make any additional investments • How do I prioritize initiatives? • How do I establish and sustain business relevance (how do I get management to care and invest) ? • What’s the right organization design for my data program ? How are other doing it ? • There is a cultural resistance to owning data issues and we struggle getting the business engaged
- 18. Presentation name How We Help 18 Strategic Support • Data Program design, implementation, and optimization • Business Case Development • Data Strategy, Lineage and Risk Assessments • Data Architectural Design • Data Organizational Design • Process Optimization • Data Analytics Operational Support • Data Project Leadership and Project Management • Data Process Design and Implementation • Data Governance Strategy and Execution • Data Migration Leadership and Implementation • Data Application Leadership and Implementation • Data Profiling and Cleansing Team Augmentation • Data Leadership Roles • CDO / Data Steward Coaching • Data Architecture & Modelling • Data Application Support • Data Governance Roles • Master Data Management • Change Management • Managed Services In all cases, we offer resources with varying levels of expertise to meet client requirements and provide domain, functional, application, and industry level expertise as required to support specific client needs
- 19. Words from our Customers “After all these years, it feels good to be able to finally quantify our value and justify our data investments.” “I was skeptical that you would be able to get us there as quickly as you professed but seeing is believing.” “The team always knew the data challenges we face and value we bring, but finally having the business understand is a game changer.” “We always knew there wasn’t a technology silver bullet that would solve our problems, but we never knew what was missing until we followed your approach”
- 20. …some companies freeze and fail, while others innovate, advance, and even thrive.”
- 21. Thank You