Report: Flawed data management leads to lost revenue for most companies
According to a new report by Fivetran and Wakefield Research, 85% of data leaders surveyed say flawed data management leads to poor decision-making and lost revenue. Overall, the results provide a detailed look at where these data management processes are failing and why data and analytics leaders are struggling to keep up.
Nearly 3 in 4 data and analytics leaders (72%) say their team’s time is being wasted on manual oversight of data pipelines — a poor use of time and talent. Sixty-nine percent of data and analytics leaders say their business outcomes at their company would be somewhat or significantly improved if their data team were able to contribute more to business decisions rather than manual pipeline management. The manual approach is full of inefficiencies and not at all optimized. Eighty percent of those surveyed admit they have to rebuild data pipelines after deployment, such as changing APIs.
In addition to being error-prone, the process for deriving valuable insight from the data with manual pipelines is extremely slow. Only 13% report being able to derive value from newly collected data in minutes or hours. For 76% of companies, including 74% of companies with $500 million-plus in revenue, however, it takes days or up to a week to prepare the data for revenue-impacting decisions.
The Fivetran survey was conducted by Wakefield Research among 300 data and analytics leaders, VP and above; in the U.S., U.K., Germany, and France; at companies with $100 million+ in annual revenue, a minimum of 100 employees, and who are familiar with the data strategy/data use at their organization; between September 27 and October 12, 2021, using an email invitation and an online survey.
Read the full report by Fivetran and Wakefield Research.
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