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Organisations Struggle to Capitalise on Business Intelligence Data

One of the major driving forces behind organisations is information. The way information is used has drastically transformed over the past 20 years with the format, type and velocity and volume has grown at a rapid rate and continues to grow.

Is your membership association making the most of your data?

A global study performed by PricewaterhouseCoopers (PwC) and Iron Mountain focusing on ‘Seizing the Information Advantage, How organisations can unlock value and insight from information they hold’.  From their analysis they found a huge gap in what organisations think they are doing with their data to what they are actually using their data for. Organisations were confident they had the capability to extract value from their information for commercial and operation advantage. However, this was not that case and this confidence was largely misplaced. Close scrutiny of interviews conducted with 1,800 senior business leaders showed that very few are able to use information to its full potential. Organisations also lacked the required skills, technical capabilities and culture to truly gain an advantage from their information.

Key Findings

  • 75% of business leaders in North America and Europe believe they are fully taking advantage of data, while only 4% of them are actually doing is successfully. 
  • Businesses across all sectors are falling short of realising the information advantage
  • The 4% who are using their information successfully ‘information elite’ have well established information governance, insight bodies, strong value realisation cultures and allow secure access to those with the necessary skills. These businesses are attaining a range of commercial and operational benefits as a direct result of their strong focus on information value
  • Three in four businesses extract little or no advantage whatsoever as they lack any understanding of potential value of data held. They also have little comprehension of the commercial benefits to be gained and have therefore nor made the investment required to obtain the information advantage.

What is the Information advantage?

“In essence, this is about effectively managing information that can change how businesses interact with their key stakeholders, diversify business models, find opportunities to improve operating efficiencies and provide basis upon which to identify and seize new market opportunities.”

How the ‘Elite’ do it?

  • Governance oversight body is in place involving all the key functional areas, not just IT and is supported by senior leadership.
  • Information is treated as an assist, and is retained and used to exploit value
  • Sensitive and valuable data is protected by protocols and accessed by those who need it securely
  • Visualisation and interpretation tools are used

Why Businesses and organisations fail to use information correctly?

Lack of clarity on roles and responsibilities which harness the appropriate skills and tools impacts on those business lacking the ability to use information successfully.

“Businesses don’t know what they don’t know”.

For the full report please visit Associations Now and download the PDF.
 

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