BURLINGAME, Calif., Jan. 26, 2016 /PRNewswire/ -- Blazent, the leader in IT data intelligence, today released the findings of its 2016 State of Enterprise Data Quality report conducted in partnership with 451 Research, revealing a strong disconnect between relaxed enterprise attitudes towards data quality despite the negative impact it has on all areas of the business. According to the report, less than half (40 percent) of C-level executives and data scientists are 'very confident' in their organization's data quality, with the majority (94 percent) recognizing the impact poor data quality has on business outcomes. Lost revenue (42 percent) and bad decision-making (39 percent) were just two of the areas affected. The report summarizes findings of 200 C-level and Senior IT leaders from companies with at least $500 million in annual revenue, and can be downloaded here.
"Too often, IT leaders become enamored by the concept of big data without questioning its quality or validity. This report reveals the cost of this oversight and the overall impact it has on the business," said Carl Lehmann, Research Manager, Hybrid IT Architecture, Integration & Process Management at 451 Research.
When asked about root causes for poor data quality, nearly half (47 percent) cited data migration as a leading cause. In large enterprises, more often than not, IT still bears the burden of keeping data clean (79 percent) despite the introduction of data scientists (26 percent). In cases where costly data scientists are involved, one-third report spending up to 90 percent of their time "cleansing" raw data. In addition, the challenge of maintaining data quality is exacerbated by conventional methods used to ensure data quality, with 41 percent relying on applications to validate data, 38 percent manually cleansing data and a shocking 10 percent who either don't know what they're doing or employ a "hope for the best" approach.
Despite the lax attitude and outdated methods used to maintain quality, the importance of good data is tangible and cannot be overlooked. Eighty-one percent of respondents use data analytics to uncover new revenue opportunities, and it is perceived as having a direct impact on increased revenues (51 percent) and lower costs (49 percent). Data quality also made its way to the top of the list of big data attributes, with the majority of respondents prioritizing integrity (71 percent) and accuracy (68 percent) over timeliness (47 percent) and accessibility (41 percent). Solutions to the problem range from machine learning for asset management (47 percent) to purpose-built data quality and analytics tools.
Other key findings from the research include:
- Ninety-five percent expect data sources and volumes to triple in the next 12 months.
- A surprising five percent of responses have no plan to implement data quality tools or solutions in the coming year.
- When it comes to understanding the importance of data quality, 82 percent of respondents believe that their organization thinks that the quality of its data is better than it is in reality.
"After listening to customers for over 15 years, we've developed an acute understanding of the pain and loss poor quality data can have on a business," said Gary Oliver, CEO at Blazent. "While data scientists became one of the most coveted roles in IT this past year, the reality is that CIOs and IT leaders still carry the burden of maintaining the proper checks and balances for data quality, and it will be incumbent on them to solve this unwieldy problem as data volumes continue to escalate."
Conducted by 451 Research, the survey was comprised of 200 C-level, senior IT, and key business decision makers from companies with at least $500 million in annual revenue, from industries including technology, manufacturing, financial services, healthcare, etc. For more information on Blazent, please visit www.blazent.com.
*Some percentages total to more than 100 percent due to survey questions with multiple answers.
Blazent is the leader in IT data intelligence. The Blazent Data Intelligence Platform is powered by the company's big data engine and patent-pending 5-step Data Evolution Process. The platform transforms and validates all IT data, enabling enterprises and Managed Service Providers to make business decisions based upon complete and accurate data. Blazent is headquartered in Silicon Valley. For more information, visit www.Blazent.com or follow us on Twitter @Blazent.