Improving the use of data and analytics is a top strategic priority for many companies. But organizations face major challenges ramping up their information management capabilities — in particular due to the combination of a brutal proliferation of new or enhanced technologies, emerging data sources, and difficulty in finding skilled people with the appropriate experience. As a result, companies are increasingly looking to service providers for help.
Please note that we use the term “data services” to refer to broader engagements (including data delivery, analysis, management, or governance-related services), while “data management services” form a smaller subset of services relating to finding, collecting, migrating, and integrating data.
Here are three of the key findings from our research:
More than two-thirds of organizations expect their spending on data management services to increase; 41% stated they expect spending to increase 5% to 10% in the next 12 months.
Major industry dynamics such as digital disruption are causing chaos and upheaval even in mature industries. To help navigate the changes that result, companies are placing an ever greater premium on data-driven insights. Put simply, the management and effective utilization of data have become essential for competitive survival — but the growing volume and diversity of data leave companies scrambling to effectively and efficiently manage, govern, and utilize it. Companies face four main data management challenges at the moment:
Highly skilled and experienced resources are expensive and difficult to find.
New technologies, such as SAP HANA or Hadoop, are challenging existing capabilities.
New sources of data are rendering existing information infrastructures inadequate.
Companies still lack maturity in managing and analyzing their data. For example, few companies have a fully-fledged information management strategy (just 13%, according to Forrester’s Q2 2013 Global Information Strategy And Architecture Online Survey).