Before companies can do fancy things with data, like predictive analytics and data monetization, they need to fix the “broken fundamentals of data,” according to a new report by TechVision Research.
The report, by Noreen Kendle, a principal consulting analyst at TechVision, says organizations are mired in a “dysfunctional cycle of data chaos.” They spend “ridiculous amounts of time hunting for missing data, correcting inaccurate data, creating workarounds, pasting data together and reconciling conflicting data. This results in tremendous unaccounted loss in productivity,” the report says.
One problem is that nearly all IT funding goes into technology, not the data itself, despite high-minded pronouncements that data is an important business asset. The report identifies challenges such as poor data quality and data governance, and then makes general recommendations for fixing those problems.