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A global survey carried out by Experian with professionals from four countries (Brazil, United States, England and Australia) shows that 91% of Brazilian companies consider data when defining their business strategy, a number higher than that presented in 2017 (86%). The percentage is also higher than the number identified globally, which was 83%. The survey, called “The 2018 Global Data Management Benchmark Report”, surveyed 1000 people from companies with more than 250 employees from various industries and can be accessed on this link.
The results show that the concern with the use of data has been growing year after year in companies and, today, it is at the center of decisions. “Increasingly, companies are realizing that data is no longer just information managed by the IT area. Quality data must permeate the entire company so that it can be properly analyzed and, thus, used in strategic decisions”, says Fernando Rosolem, Senior Solutions Manager at Serasa Experian.
One of the points that has driven this movement is the process of digital transformation that many companies are going through, which has been modifying existing business models. In addition, the need to improve efficiency to gain competitive advantage has also influenced the growing importance of data in strategy. “Any organization that wants to increase its revenue will have to operate as efficiently as possible. This is an area where quality data can provide valuable information that can easily be turned into results,” adds Rosolem.
Even with this evolution shown by the survey, organizations still have a lot of work to do to reach an optimal level of data management maturity. Rosolem indicates that, to reach this maturity, it is necessary to build trust in the data, as the ability to make strategic decisions, reduce risks and even bring innovative products to the market requires reliable information.
human error
Reducing human error is another need pointed out in the research so that the market reaches maturity and better use of data. Globally, human error was the factor most pointed out by respondents among those that most contributed to the inaccuracy of data. In the survey released in 2017, human error also appeared to be the biggest cause of inaccurate data.
If we compare the results of 2016 with 2017, there was a drop of 23 percentage points in the indication of this factor by the interviewees; even so, human error remained at the top of the list of inaccuracy factors. “The main reason for the drop last year is related to investments that organizations made in training, professionals and appropriate technologies to prevent this type of error. However, the percentage grew again this year due to the increase in the volume and variety of data available”, explains Rosolem.
The trend now is that, in order to survive in the landscape of digital transformation and data-driven strategy, organizations have to implement new processes and technological solutions that keep up with business demands. Another point is that companies are increasingly investing in specialist professionals, such as data scientists and the CDO (Chief Data Officer).
Serasa Experian, for example, already saw this trend and created the position of CDO in April 2016, held since then by Rodrigo Sanchez. “We are living in a time of proliferation of data from many different sources. In this scenario, companies need to have a centralized view of information to be able to better take advantage of existing opportunities”, he says.
Currently, the strategy and data management area, led by Sanchez, already has around 300 people, given the strategic importance of the subject within the company. The area also includes Serasa's innovation laboratory – DataLab – the third in the world (the others are in London, England, and San Diego, USA).
Leading data management as a strategic asset of the company and extracting the maximum value from information are some of the tasks of this increasingly valued professional. Sanchez also highlights other important functions of the CDO: the search for operational efficiency and the governance of the organization's data. “Within governance, for example, the CDO must be responsible for defining data usage policies, in addition to guaranteeing the security of this information”, he explains.
The results show that the concern with the use of data has been growing year after year in companies and, today, it is at the center of decisions. “Increasingly, companies are realizing that data is no longer just information managed by the IT area. Quality data must permeate the entire company so that it can be properly analyzed and, thus, used in strategic decisions”, says Fernando Rosolem, Senior Solutions Manager at Serasa Experian.
One of the points that has driven this movement is the process of digital transformation that many companies are going through, which has been modifying existing business models. In addition, the need to improve efficiency to gain competitive advantage has also influenced the growing importance of data in strategy. “Any organization that wants to increase its revenue will have to operate as efficiently as possible. This is an area where quality data can provide valuable information that can easily be turned into results,” adds Rosolem.
Even with this evolution shown by the survey, organizations still have a lot of work to do to reach an optimal level of data management maturity. Rosolem indicates that, to reach this maturity, it is necessary to build trust in the data, as the ability to make strategic decisions, reduce risks and even bring innovative products to the market requires reliable information.
human error
Reducing human error is another need pointed out in the research so that the market reaches maturity and better use of data. Globally, human error was the factor most pointed out by respondents among those that most contributed to the inaccuracy of data. In the survey released in 2017, human error also appeared to be the biggest cause of inaccurate data.
If we compare the results of 2016 with 2017, there was a drop of 23 percentage points in the indication of this factor by the interviewees; even so, human error remained at the top of the list of inaccuracy factors. “The main reason for the drop last year is related to investments that organizations made in training, professionals and appropriate technologies to prevent this type of error. However, the percentage grew again this year due to the increase in the volume and variety of data available”, explains Rosolem.
The trend now is that, in order to survive in the landscape of digital transformation and data-driven strategy, organizations have to implement new processes and technological solutions that keep up with business demands. Another point is that companies are increasingly investing in specialist professionals, such as data scientists and the CDO (Chief Data Officer).
Serasa Experian, for example, already saw this trend and created the position of CDO in April 2016, held since then by Rodrigo Sanchez. “We are living in a time of proliferation of data from many different sources. In this scenario, companies need to have a centralized view of information to be able to better take advantage of existing opportunities”, he says.
Currently, the strategy and data management area, led by Sanchez, already has around 300 people, given the strategic importance of the subject within the company. The area also includes Serasa's innovation laboratory – DataLab – the third in the world (the others are in London, England, and San Diego, USA).
Leading data management as a strategic asset of the company and extracting the maximum value from information are some of the tasks of this increasingly valued professional. Sanchez also highlights other important functions of the CDO: the search for operational efficiency and the governance of the organization's data. “Within governance, for example, the CDO must be responsible for defining data usage policies, in addition to guaranteeing the security of this information”, he explains.
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