BEARINGPOINT
17.5.2022 08:57:12 CEST | Business Wire | Press release
Management and technology consultancy BearingPoint has created a deep dive study on enterprise data resilience . This paper is the first of five companion pieces to the 2021 ‘Can you thrive under pressure’ study, the analysis of over 5,000 projects leading to the ranking of 150 best practice resilient organizations. BearingPoint has also created a resilience benchmarking tool that enables any organization to assess their own alignment with the five fundamental pillars of resilience.
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BearingPoint believe data and analytic resilience is undermined by lack of people empowerment, as 65% of organizations lack data literacy and 56% face cultural resistance to change. Other obstacles impacting data led change initiatives included lack of resources and funding (33%) and disconnect with the business strategy (20%). BearingPoint’s study also concludes that implementation is not easy. The study has found that organizations need a structured vision combined with a disciplined approach e.g., an effective data strategy: without it organizations will fail to generate benefits from investment.
BearingPoint’s research indicates that organizations’ data strategy can only be successful if it is underpinned by the five dimensions of a resilient organization:
1. Understand your data ecosystem: You need the right datapoints to take 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 outcomes: Steer your data journey so it is agile and focused on business outcomes
4. Use technology to improve agility: Select the architecture that will best support your business model
5. Build proper and effective governance: Data-centricity needs to involve your entire organization, not just leadership
Jan Henderyckx, Partner at BearingPoint asks “is data a hobby or holy grail in your organization? We are witnessing the start of a new industrial revolution, fuelled by data rather than coal. But we believe effective data-centric transformation is not about size, but attitude. Our research shows companies will only survive and thrive if they adopt a rounded, well-balanced and progressive approach across these five dimensions. All are vital. Only by delivering on all of them, your organization will become resilient to change. As all firms, in all sectors must understand that data needs to be at the heart of their business strategy.”
All categories of organization type that BearingPoint studied had room for improvement in the area of data resilience with organizations of all types showing maturing or developing data centricity. BearingPoint observed that Government organizations have lower data resilience scores than privately held and publicly listed companies. According to the study, a reason for this may be that privately held companies may have more scope to execute fast decision making (governance).
Jan Henderyckx will be discussing the study’s finding as the Plenary Keynote speaker at: Creating Data Centric Business Resilience at IRMUK Data Governance Conference Europe, May 18, 2022, in London.
“We are living in a world in which it is increasingly more important to be able to adapt to the changing environment. Your decisions should be based on facts rather than assumptions. Companies that put data centricity at the core of their strategy are going to create value. Especially if they apply a comprehensive approach to all dimensions that impact the implementation of a data strategy,’’ says Jan Henderyckx.
About the study
BearingPoint analyzed over 5,000 client projects, built a model to assess how organizations create successful long-term transformations, and then calibrated resilience 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/
About BearingPoint
BearingPoint is an independent management and technology consultancy with European roots and a global reach. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 70 countries, engaging with them to achieve measurable and sustainable success.
www.bearingpoint.com
www.linkedin.com/company/bearingpoint
@BearingPoint
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