A new study compiled by Camelot Management Consultants finds that half of the companies it polled lack a “holistic view” of their data needs, with more than half of the data available to their firms not used to drive any type of business innovation.
“Data management is and will remain central to digital business,” explained Henrik Baumeier, the study’s author and Camelot’s enterprise information management partner. “[Yet] companies are overwhelmed with increasing amounts of data and the question of making meaningful use of it.”
The firm’s study, entitled Shaping the Future of Enterprise Information Management, polled roughly 60 executives from 37 companies within 11 different industries, found that 67% believe sharing data, new ways of working together, and autonomous system communication and integration – both within and across corporate boundaries – will dramatically increase the requirements placed on data according to study participants
Over 50% of respondents also believe that cloud and in-memory computing will take data management to a new level, with two-thirds noting that sharing data across the value chain will be an integral part of future data management.
Yet more than half also said that most data today is not used for business innovation, with most companies lacking “a complete overview” of what data is available.
For many companies, an initial assessment of their data management is a major challenge, Camelot’s poll found, and the firm said it is critical to overcome that.
For example, the use of artificial intelligence (AI) in master data management makes many things possible, such as identification of duplicate data and ensuring high data quality – both of which are recurring problems across a number of businesses, Camelot noted.