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Pathways to Data Dexterity

BigData_FinanceWhether it’s big, fast or smart, it’s on every company’s radar and most are making some sort of investment in it. One of the industries with the most potential for data and analytics is the investment/financial sector, with the ability to draw insights from data to better inform investment decisions. Our friends over at State Street launched a global survey identifying three groups of investment organizations at different points of progress on the path to data dexterity.

For Data Starters, legacy IT issues and compliance pose major barriers to progress and outdated systems are making it difficult to get the full value of their data. Data Movers are increasing their investments more rapidly by replacing legacy systems with new data architecture and applying tools for analyzing investment risks and performance of individual asset classes. On the other end of the spectrum, Data Innovators recognize the value of data and analytics and are confident in the competitive advantage it brings. Innovators prize data quality and integrity and set high standards for data governance and security that are entrenched throughout the business.

Some key findings:

  • While 81 percent view data and analytics as one of their top strategic priorities, only 37 percent have advanced data infrastructure, expertise and high quality governance in place.
  • Nearly half (49 percent) of Innovators see data and analytics as their single most strategic priority; Thirty-eight percent have increased investment in data by more than 10 percent each year and are seeing a return on their investment;
  • Forty-four percent of Innovators strongly agree that their investment in data and analytics is a source of competitive advantage, compared with only 15 percent of Movers and 5 percent of Starters.

StateStreet_Data_Benchmark_Infographic

 

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