AMSTERDAM-(BUSINESS WIRE)-Management and technology consulting BearingPoint has created an in-depth dive study of the strength of business data. This paper is the first of five companion pieces in 2021 ‘Can you thrive under pressure ‘ study, analyzing more than 5,000 projects toward ranking 150 best practice firm organizations. BearingPoint has also created a strength benchmarking tool that allows any organization to assess their own alignment of the five basic pillars of strength.
BearingPoint believes that data and analytic robustness is damaged by a lack of people empowerment, as 65% of organizations lack data literacy and 56% face cultural resistance to change. . Other barriers affecting data leading innovation initiatives include lack of resources and funding (33%) and disconnection of business strategy (20%). The BearingPoint study also concludes that implementation is not easy. The study found that organizations need a structured vision combined with a disciplined approach eg, an effective data strategy: without it organizations fail to generate benefits from investment.
BearingPoint research shows that organizations ’data strategy can only be successful if it is supported by five dimensions of a strong organization:
1. Understand your data ecosystem: You need the right data points to make the right decisions
2. Empower your people for change: Make sure your people interact positively in the data value chain
3. Align data centricity with business results: Manage your data travel so it’s agile and focused on business outcomes
4. Use technology to improve agility: Choose the architecture that best supports your business model
5. Establish proper and effective management: Data centering should involve your entire organization, not just leadership
Jan Henderyckx, Partner at BearingPoint asked “is data a hobby or the holy grail of your organization? We are witnessing the beginning of a new industrial revolution, driven by data rather than coal. But we believe that is effective. data-centric change is not about size, but behavior.Our research shows that companies can survive and thrive if they adopt a circular, balanced and progressive approach to these five dimensions.The all is important.Only by providing all of this, your organization can be strong for change.Like all companies, all sectors need to understand that data needs to be at the heart of their strategy. business.
All of the organizational type categories studied by BearingPoint have room for improvement in terms of data stability in organizations of all types that show maturity or improvement in data centering. BearingPoint has observed that Government organizations have shorter data stability scores than privately held and publicly listed companies. According to the study, one reason for this may be that private companies have a lot of scope to implement rapid decision -making (management).
Jan Henderyckx will discuss finding the study as Plenary Keynote speaker on: Creating Data Centric Business Resilience at the IRMUK Data Governance Conference Europe, May 18, 2022, in London.
“We live in a world where it’s even more important to be able to adapt to a changing environment. Your decisions should be based on facts rather than assumptions. Companies that put data centricity at the core of their strategy will do. value.Especially if they apply a comprehensive approach across all dimensions that will affect the implementation of a data strategy, ’’ says Jan Henderyckx.
About the study
BearingPoint analyzed more than 5,000 client projects, created a model to examine how organizations are making successful changes over a long period of time, and then calibrated the stability profiles. based on five observed characteristics. You can download the study here to find out more: https://www.bearingpoint.com/en-gb/insights-events/insights/data-must-be-at-the-heart-of-your -business-strategy /
BearingPoint is an independent technology management and consulting firm with European roots and a global reach. BearingPoint’s clients include many of the world’s leading companies and organizations. The company has a global consulting network with more than 10,000 people and supports clients in more than 70 countries, partnering with them to achieve measurable and lasting success.