Transforming Your Data Strategy by Overcoming Democratisation Challenges

Overview:

This ADAPT Tech Trends provides insights that can help you to overcome many of the common data democracy challenges when implementing the data strategy. While uplifting the data foundations remains one of the more critical aspects, the people factors matter far more. When decision makers understand what the insights mean and can easily navigate them, their curiosity and evidence-based approaches will grow.

Key Takeaways:

1. Customer value has grown 28% over the past 12 months, or 22% since Feb 2022. However, organisations are still relatively ineffective at capturing this value, whether that be in the form of increased revenues, better services adoption or improved personalisation.
2. Demonstrating value to customers is crucial at a time when limited funds are available to outlay on discretionary areas. So, while it’s positive that 47% of orders are captured online, there’s more to drive digital services fulfilment.
3. Digital also account for about 35% organisational revenues or services adoption. But our abilities to meet more of our customers’ needs are less successful.
4. Underpinning these challenges are the difficulties of maturing the data stack. Just 23% have successfully removed data silos while only 16% report robust, scalable and trusted processes for turning insights into action.
5. Nevertheless, decision-makers are now far more likely to use evidence than gut feel. We’ve seen a 44% growth in an evidence-based approach since 2023.
6. ADAPT’s surveys also reveal the strongest factors that impact AI readiness. The people factors (culture, literacy, education and understanding) far outstrip the procedural elements, and slightly more impactful than the technical aspects.
7. Usage, ease of use and protecting PII are the top success measures for organisations wanting to become data-driven.
8. Data literacy, as mentioned earlier, strongly correlates with success. When the data literacy of executives and employees rises, so does confidence in delivery.

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