E X E C U T I V E G U I D E
BUILDING A WINNING DATA STRATEGY MIT SLOAN MANAGEMENT REVIEW 1
I
n order to compete in the new digital
economy, businesses must become
increasingly data-driven. Few ex-
ecutives would dispute this objective.
Recent events, including the global outbreak
of COVID-19, have underscored the critical
importance of having reliable data to inform
organizational decision-making. Yet com-
panies continue to struggle to operate in a
data-driven manner. Why?
Even though we are now decades
into the age of competing with data, a
2020 NewVantage Partners sur vey of
C-suite executives representing more than
70 Fortune 1000 companies found that
only 37.8% of companies have created
a data-driven organization. In the same
survey, 45.1% of executives reported that
they compete on data and analytics, but a
majority — 54.9% — stated that they do not.
Meanwhile, investments in data are
increasing, with 98.8% of organizations
reporting that they are investing in data
initiatives. Nearly a fifth of these companies
— 18.3% — have invested more than $500
million. Changes are also happening when
it comes to enterprisewide governance.
Large corporations have increasingly
embraced the newly established role of
chief data officer (CDO). While only 12%
Why Culture Is the
Greatest Barrier
to Data Success
To be successful with data and analytics, organizations must evolve and
change the ways in which they structure current business processes.
BY RANDY BEAN
