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TDWI Insight Accelerator: Closing the Information Gap

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1 T DW I RESE A RCH tdwi.org TDWI INSIGHT ACCELERATOR Closing the Information Gap By Fern Halper, Ph.D., V.P. and Sr. Director of TDWI Research for Advanced Analytics WHAT IS THE INFORMATION GAP? Today's organizations are collecting more data than ever. TDWI research indicates that organizations are collecting hundreds of terabytes and even petabytes of data. This data is diverse, too. Transactional data collection is mainstream, but so is text data collection. Machine data collection is growing. Organizations are often moving to the cloud to manage this data. In fact, in a recent TDWI survey, 70 percent of respondents agreed with the statement that the cloud is the future of data management. 1 Platforms such as cloud data warehouses and cloud data lakes are already in the early mainstream phase of adoption. However, it is one thing to collect this diverse data and move to the cloud; it is another to be able to use this data to enable analytics and insights that inform decision makers. At TDWI, we see organizations trying to manage complex environments, including managing multiple data types from both internal and external sources, across multiple platforms both internal and external to the company, for use by different groups across the company such as data engineers, business analysts, and data scientists. The result of this complexity is often an "information gap"— the difference between the data an organization collects and the data it's able to access, understand, and trust in order to gain useful insights, information, and knowledge. Remedying the information gap requires a solid data infrastructure, new tools, new skills, and strong data governance. In TDWI research, we often see that data infrastructure is a top barrier for organizations on their analytics journey. For instance, in a recent survey, we asked about the top obstacles organizations are facing in their analytics journey (Figure 1). Some of these are data What top obstacles are your organization facing in its analytics journey? Please select a maximum of three challenges. Data infrastructure: We have too many data silos which makes it hard to integrate data for analysis 35% Data literacy: People can't make use of available software for insights because they lack skills 34% Tooling: We don't have the right data tools in place to make it easy enough to find, access, and prepare data for people 30% Culture: Our organization does not consistently rely on data to inform its strategy 30% Talent: We don't have the right skills in place to deliver more sophisticated analysis 26% Culture: Our organization does not support analytics in a meaningful way to derive value from it 26% Tooling: We don't have the right analytics tools in place to make it easy enough for people to derive insights on their own 24% Governance: We struggle to put trusted/high-quality data in the hands of the business 21% Governance: We struggle to put the right privacy and stewardship processes in place to comply with privacy regulations 10% Figure 1. Based on 386 responses. 2 1 Unpublished 2021 TDWI survey. 2 See the 2021 TDWI Pulse Report: Building a Data-Literate Organization, online at tdwi.org/pulsereports.

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