87.8% reported increases in data investments during 2022, and 93.9% of organizations are planning to increase their investments in data in 2023.
79.8% continue to cite cultural issues such as organizational receptivity to change and business transformation, changes to organizational processes, people and skills, organizational alignment, and communications, as the greatest obstacles to realizing business value from investments in data. Modern computing begat data, the digital product of processing zeros and ones. At first, used to tackle scientific questions and assist with enterprise accounting, the major obstacle for getting value from data was speed. Overcoming data latency or “how fast can we get the data?” became one of the major preoccupation of executives in charge of “data processing” and the few business leaders that perceived the computer as a business tool.
What he meant by that was that customers calling their insurance companies should get an answer to all their questions, rather than being transferred from one customer service agent who had the data related to their auto policy to another who could access the data related to their home policy. What he meant by that was that they should buy the hardware and software that will let them move the data from different functions and locations into a centralized database.