NTT DATA has published a study, “The Big Pivot: From Data Islands to Data Insights,” that has reported on data usage, noting that that 10 percent of organizations have used data effectively for transformational purposes, the company announced on Tuesday.
“To rebound effectively, corporations, organizations and government agencies must shift to next-generation technologies and create contactless experiences, increased security, and scalable hybrid infrastructures – all reinforced by quality, integrated data,” said Greg Betz, senior vice president, Data Intelligence and Automation, NTT DATA Services.
NTT DATA has stated that 79 percent of organizations recognize the strategic value of data; however, efforts to use it are hindered by significant challenges including siloed islands of data across the organization and lack of data skills and talent.
The study has analyzed the role of data and analytics that assist organizations shift from disruption to transformation in response to the economic climate. The study has reported that 37 percent of businesses are very effective at using data to adopt or invent a new business model, and 31 percent are using data to enter new markets.
These respondents have proven that organizations have started prioritizing a data-driven culture, but fall behind in the basic aspects of data management and governance. “Our study reinforces that organizations who act quickly and decisively on their data strategies – or Data Leaders – will recover from the global crisis better and even accelerate their success,” added Betz.
In addition, NTT DATA’s survey has noted that 59 percent of the financial services (FS) sector organizations report being aware of and fully prepared for new data regulations, and 34 percent report data is shared seamlessly across the enterprise.
More than eight out of 10 respondents within the manufacturing sector have noted the respective organizations ability to act quickly in the event of a data privacy breach, but the sector has reported struggles with data silos as well as retaining necessary skills and talent to analyze their data.
60 percent of healthcare respondents have noted that organizations are aware and prepared for new and upcoming regulations, but there has been a lack of data literacy skills, with a fifth of respondents reporting that they don’t understand how to read, create and communicate data as information.
“This study validates that many of the top data challenges organizations face today are decades old,” said Theresa Kushner, consultant, AI and Analytics, NTT DATA Services. “The 2020 pandemic is a wakeup call for businesses at any scale, and a reminder that in today’s global economic climate the time to address data challenges and chart a new path is now.”
About NTT DATA Services
NTT DATA Services is a digital business and IT services leader. Headquartered in Plano, Texas, we are the largest division of trusted global innovator NTT DATA Corporation, a top 10 provider and part of the $109B NTT Group. With our consultative approach, we leverage deep industry expertise and leading-edge technologies powered by AI, automation and cloud to create practical and scalable solutions that contribute to society and help clients worldwide.
Our global team delivers one of the industry’s most robust and integrated portfolios. This includes consulting, applications, data intelligence and analytics, hybrid infrastructure, workplace, cybersecurity and business process services to help organizations accelerate and sustain value throughout their digital journeys.