Crown Records Management report reveals why just 16% of organisations have a good relationship with their data
Corporate data is now considered more important to businesses than employees, products and reputation. However, over 80% of CIOs say they are suffering from blurred data vision – they cannot fully quantify and realise the potential of the information they hold.
These are the findings of recent research conducted with 100 large UK organisations, commissioned by Crown Records Management. The full findings of the research have now been published in a new report.
Only 16% of those surveyed say they have ‘20:20 vision’ when it comes to the visibility of their data assets. Of the rest, 41% say data is ‘a little blurred’ and 37% have several data blind spots. 5% say it is out of focus and 2% feel completely ‘data blind’.
Visibility of data is more critical than ever for several reasons, including financial risk. It was recently announced that British Airways is facing the largest ever data related fine of £183 million, for a customer data breach. 83% surveyed by Crown Records Management said that data has become more important over the last two years.
Managing risks and rewards
Organisations want to improve control of their data assets, and there is some clear intent to focus on both risks and rewards. While 36% said their attitude to data is more risk-focused, the rest either viewed risks and rewards as equally important, or they felt that finding opportunities within data was more critical to success.
Data management is an ongoing challenge in most organisations, not surprising considering the sheer volume of data being generated in the world. Crown’s research highlighted that the top three challenges are:
- Management of data created or supplied by third parties. This could include customers, suppliers, other businesses or the general population.
- Data indexing. Organisations are struggling to keep good ‘data about data’. They could be losing the ability to find vital information when it is needed. This can be overcome using innovative indexing and search technology.
- Employee skills. There isn’t enough talent in organisations to understand and manage data. Third-party data experts can help organisations overcome this.
Data management is only going to get more difficult as larger volumes of data are created, used and stored in the world. Clearly most organisations are struggling with data in one way or another. Now is the time to address this before the challenge becomes too difficult to overcome.
Crown Records Management offers several services to help organisations overcome their data management challenges, including:
- Archiving and scanning
- Digital data capture
- Data search and indexing
- Data auditing
- GDPR and data compliance