MIT Sloan Management Review Article on Why Culture Is the Greatest Barrier to Data Success
- Randy Bean
- MIT Sloan Management Review
To be successful with data and analytics, organizations must evolve and change the ways in which they structure current business processes.
In order to compete in the new digital economy, businesses must become increasingly data-driven. Few executives 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 companies 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 survey 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.
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Why Culture is the Greatest Barrier to Data Success