1、The Future of DataA dive into the power of data across Europe2|The FuTure oF DaTaTable of ContentsINTRODUCTIONCHAPTER 1 The impact of Covid-19CHAPTER 2 The skills and solution shortageCHAPTER 3 Creating a strong strategyCONCLUSION4-78-1011-133|The FuTure oF DaTaThe last decade has seen the sheer vol

2、ume of data available to businesses grow enormously.at the same time,organisations have faced many disruptions that have increased their reliance on timely,relevant information,from technological evolutions to economic,regulatory and political change.In 2019,Dun&Bradstreet explored how business lead

3、ers believed their relationship with data had changed,their ongoing challenges and their plans for the future,in The Past,Present and Future of Data.unsurprisingly,most leaders were clear that data had grown in significance and would continue to do so.Fast forward to 2021,and the Covid-19 pandemic h

4、as changed businesses relationships with data forever,challenging the timeliness and availability of data and the methods we use to draw insight.accurate,up-to-date information became critical for navigating a chaotic business environment in a truly global context with real human consequence.Now,a r

5、obust data strategy has gone from a commercial advantage to an absolute operational necessity.The future of businesses around the world will intrinsically depend on their ability to access and act on the best information possible.any organisations still struggling with data will face serious and gro

6、wing challenges going forward as the rate of the environment changes faster than the data that describes it,unless leaders can put in place the right strategies,solutions and skills to embed data into the business.at the same time,the pandemic has created new challenges for businesses who look to ac

7、cess and use information in large part because of the entirely unprecedented situation and our complex responses to it.We cant wait for the data to settle;businesses have to act now.Nonetheless,if were not careful with our approach,its possible to fall victim to all kinds of issues in the rush to ma

8、ke decisions.Thats why weve commissioned this report to explore how 1,700 business decision makers across europe view data in their organisation which our team of experts then analysed and found:the impact of Covid-19,the continuing internal challenges and the opportunities and outlook for the futur

9、e.The results are clear and compelling.Most leaders believe that following the pandemic,its even more important to refine their organisations data quality(65%),for everything from assessing risk to identifying new markets.In fact,two thirds of leaders believe that data is vital to their future succe

10、ss as a business(67%)and 52%go so far as to say their company simply wont survive without the best quality data.There are steps that every business can take to improve data management and stewardship,develop a robust strategy and prepare to take even greater advantage of data insights in the years a

11、head as this report will explore.at Dun&Bradstreet,weve worked with businesses since 1841 to ensure people have the information needed to make the best decisions possible.Now that information is more important than ever and we want to ensure that every organisation can get the right data on their si

12、de and thrive in the future.I hope you enjoy the report.In fact,two thirds of leaders believe that data is vital to their future success as a business(67%)and 52%go so far as to say their company simply wont survive without the best quality data.DR ANTHONY SCRIFFIGNANOSENIOR VICE PRESIDENT AND CHIEF

13、 DATA SCIENTIST,DUN&BRADSTREETIntroductionData is invaluable to businesses.4|The FuTure oF DaTaThe impact of Covid-19The impacts of the Covid-19 pandemic are continuing to be experienced in different ways by businesses around the world.however,one of the most consistent themes is a growing appreciat

14、ion of the importance of carefully curated,relevant data that businesses can trust when negotiating rapid change.The pandemic instigated a radical shift to digital,causing businesses to use more and different types of data as they shifted to more virtual operations.Business leaders believe that data

15、 has a key role to play in both identifying new opportunities and navigating unexpected challenges in the wake of the pandemic.Most(64%)agree that data is now more important for their organisation to identify new markets to work with with a further 62%convinced that it is crucial for targeting new c

16、ustomers.at the same time,nearly two thirds say that following Covid-19 data has become more important for their organisation to assess risk(65%)and monitor supply chains(62%):in other words,to manage the extreme uncertainties associated with the pandemic.CHAPTER 15|The FuTure oF DaTaThe accuracy an

17、d timeliness of information have become even more important in the fast-moving pandemic environment the study revealed many businesses with a lack of data or inaccurate information about their customers or suppliers have already experienced damaging consequences.Due to this lack of accurate informat

18、ion about a customer or supplier:The pandemic has prompted many businesses to realise they lacked the information or infrastructure needed to adjust their strategies quickly enough.all in all,most leaders now believe that its even more important to improve the quality of data in their organisation i

19、n the wake of Covid-19(65%).FUNDAMENTAL OF THE FUTUREBeyond Covid-19,the handling,processing and quality of data are now seen to be key to the future of each organisation.Three quarters of leaders believe that effective data management can be a competitive advantage(73%),while 66%believe improving t

20、he accuracy of data would help sales teams to convert more opportunities.Just over half would even go so far as to say that data will be more important than personal relationships in the future(53%).of businesses have failed to sign a new contract with a customer have lost a customer have developed

21、a“badly thought out”service19%18%17%Percentage of business leaders surveyed that agree data has become more important when assessing risk following Covid-19Percentage of business leaders surveyed that believe data has become more important when monitoring supply chains since Covid-1965%71%69%56%64%5

22、7%69%60%67%67%59%59%68%68%AustriaGermanyUKAverage(All)PolandFinlandHungaryDenmarkNorwaySwedenSwitzerland62%63%51%58%53%51%66%63%COUNTRY BREAKDOWN ACROSS EUROPE6|The FuTure oF DaTaCONCERNS FOR WHATS AHEADhowever,whether businesses will be able to capitalise on the benefits of data is another question

23、.Half of the respondents believe that their organisation simply isnt realising the true potential of its data yet(51%).and looking ahead,47%are concerned about the accuracy of the data being stored for planning purposes.organisations seem clear on the need for change.But finding the right pace is a

24、challenge.Finding themselves unprepared for the pandemic,some businesses hurriedly implemented new data strategies and programmes to bridge the gap.as a result,47%feel that the companys data strategy is being rushed.on the other hand,45%of leaders worry their business is moving too slowly,with a fur

25、ther 46%afraid their business wont have the technology in place to take full advantage of data in the future.Balancing short-and long-term needs will be vital for organisations to put themselves in the best position possible to use data in the years ahead.Percentage of business leaders surveyed that

26、 believe their leadership team understands the importance of data to the business53%Average(All)UKGermanyAustriaSwitzerlandSwedenNorwayDenmarkFinlandPolandHungary55%51%33%58%58%48%40%49%59%55%COUNTRY BREAKDOWN ACROSS EUROPE7|The FuTure oF DaTaCovid-19 caused data to change in ways that weve never se

27、en before.The pandemic unfolded at different times all over the world and as the first regions to be affected reacted,those reactions in turn caused more disruption and some chaos.The effects ultimately became global.That progression of action and reaction meant that towards the beginning of the pan

28、demic,while there might have been no shortage of data,it was not useful data to fully understand what was going on.our whole system was changing faster than the data that we had to describe it creating significant and worrying challenges for decision makers in governments and business around the wor

29、ld.This challenge underlines a key fact for all organisations.With the enormous growth in the data thats available,businesses dont need just any data,but data thats carefully curated,timely and accurate in order to drive our choices.In other words,they need data thats fit for a purpose.Companies hav

30、e needed to change how they make sense of information and form predictions for some time,but the pandemic has pushed that imperative and the need for the right technologies and analytics to make sense of the data,right up the business agenda.Its absolutely critical for modern organisations to get th

31、e foundations of data management right.Thinking about whether data is accurate and actually reflects whats going on or in fact obsolete,incomplete or irrelevant is key.Practitioners must interrogate where the information has come from and what might be missing to get a better view of its quality.Cru

32、cially,always start with the data and relevant questions,then draw inferences from it,rather than trying to look for confirmation of what you already believe.These steps are fundamental to ensuring that data is fit for purpose.These approaches must be undertaken before moving onto more advanced mode

33、lling,machine learning,or other data-dependant processes.otherwise,you might easily be curating information that will push you in the wrong direction more quickly.DR ANTHONY SCRIFFIGNANOSENIOR VICE PRESIDENT AND CHIEF DATA SCIENTIST,DUN&BRADSTREETMAKING DATA FIT FOR PURPOSE8|The FuTure oF DaTaThe sk

34、ills and solution shortageCreating a strong infrastructure with the right technology,people and processes will be essential for capitalising on data in the future.But today,companies face a number of operational issues when it comes to data management.amongst the biggest data-led challenges facing o

35、rganisations are effective data management(25%),combatting fraud(22%)and having the right technology to utilise data(21%).as a result,on average a staggering 27%of projects fail to meet requirements.ACCESS TO TALENTA common challenge for organisations is finding the right expertise to analyse data a

36、nd apply insights to business decisions.Difficulty finding the right talent is a major stumbling block for over a quarter of organisations looking to improve their data literacy(27%).Whats more,22%say that the main reason data projects fail is human errors in data management.Many people lack the ski

37、llset to identify and address biases in data,potentially compromising its reliability.Three quarters of leaders are concerned that human biases negatively impact the production,analysis and use of data in the business(77%).Leaders are clear on the need to upskill the workforce.Two thirds believe tha

38、t businesses must offer more training and resources for employees,so that they can better understand data-driven decision making(67%).CHAPTER 29|The FuTure oF DaTaStrong data literacy is also seen as a key competency for business leaders.Seven in ten believe that a strong understanding of the power

39、and value of data is crucial to being a good business leader(69%).external guidance could have a valuable role to play in supporting businesses and shoring up the skills in-house.In fact,two thirds of organisations would value more advice on how to get the best out of their data(67%).THE RIGHT SOLUT

40、IONSMany of businesses challenges with data come down to technology.In fact,the most common barrier to data literacy is lack of technical solutions to help utilise data(32%).outdated systems and challenges can present a stumbling block;legacy technology infrastructure is hindering 46%of organisation

41、s from taking full advantage of data.Simply maintaining and working around these older solutions can drain resources and slow progress.In fact,49%of leaders feel their organisation is always playing catch up with their data processes.This can make it more difficult for teams to access timely informa

42、tion.half of the respondents are concerned about data decay in the business(49%),meaning that information might be untimely and unreliable as a result.Tight finances following the.Tight finances following the pandemic are also a common concern,with 31%highlighting budgetary restrictions and 29%cost

43、considerations.ultimately,this underlines the need for a cost-effective,sustainable approach to data management.AI MAY BE AN IMPORTANT PART OF THEANSWERMaking greater use of machine learning and artificial intelligence(AI)might be an important part of the answer for businesses in the future offering

44、 an advanced,adaptable technical solution and augmenting human insight to address the skills shortage.aI can be accessed through existing portals and tools which could also help to allay the concerns of the 46%of leaders that fear their organisation wont have the technology needed to make full use o

45、f data in the future.Nonetheless,having the knowledge needed to use aI effectively will be key.almost every aI system assumes that the data it is consuming is true and complete,al-though that is rarely the case.Perhaps as a result,almost half of respondents are concerned that aI could lead to biases

46、 and discrimination in the analysis of data(48%).It will be crucial to carefully consider how to use this technology and provide the right data to receive appropriate conclusions and insight.once again,its clear that having the right expertise in the business to fully understand the implications of

47、data analysis,and use the latest tools,will be key to developing a successful long-term strategy.58%58%48%40%49%59%55%33%51%55%Percentage of business leaders surveyed that agree they must offer more training and resources for employees,so that they can better understand data-driven decision makingAu

48、striaGermanyUKAverage(All)PolandFinlandHungaryDenmarkNorwaySwedenSwitzerland53%COUNTRY BREAKDOWN ACROSS EUROPE10|The FuTure oF DaTaSimply having access to tools that process data wont mean that your business is using them wisely,in the same way that having PowerPoint wont make you a graphic designer

49、.The risk is that organisations use data wrongly and accelerate towards a mistake with greater confidence.The importance of understanding how to use data correctly for your business means talent must be a key focus for the leadership team.Data skills should be in the business on purpose,not by accid

50、ent.and as well as recruiting for the talent missing in the business,its vital not to overlook the existing workforce.Instituting continuous learning,through a combination of supervised and unsupervised methods,ensures competences stay relevant.Leaders are responsible for fostering an environment wh

51、ere people develop the habit of acquiring new skills,including the senior team themselves because as we know,data insight is becoming more critical to the CV of the Ceo too.Greater understanding of data can in turn help businesses to change attitudes to the solutions that support a data-driven organ

52、isation and the misconception that these tools are simply a cost drain.after all,being restricted by legacy systems drains resources and slows progress,particularly in todays disrupted environment.Instead,companies can benefit from taking a smarter approach to investments in data.Start by understand

53、ing what problem you are trying to solve and constantly evaluate if that objective has changed.assess what levers are holding back the business.Think about purposeful intervention,rather than change for changes sake,and plan investments accordingly.Remember,its natural to find this difficult,but you

54、 arent the only business going through these challenges and you dont have to do everything by yourself.Look to partners outside the company to get a sense of perspective and ensure you are moving in the right direction.RIKARD CANDELL ANALYTICS DIRECTOR,DUN&BRADSTREET EUROPETHE INFRASTRUTURE FOR ACTI

55、ONABLE DATA11|The FuTure oF DaTaCreating a strong strategyThe past 18 months have underlined the challenges that businesses can encounter when taking a short-term,rushed approach to data management as well as the risks of being caught out if the organisation delays and lags behind.Positively,its cle

56、ar that leaders understand the need to prioritise data planning,and integrate this into the overall business strategy.In fact,35%say that their most important business priority is improving data quality,in turn reflecting that 73%believe effective data management can offer a competitive advantage.BE

57、ST PRACTISESestablishing best practices in data management will be vital for creating a robust strategy,and leaders already have a number of principles in mind.Data quality is critical for making the right decisions,as seven in ten leaders agree(69%).In turn,the quality of data depends on its timeli

58、ness,particularly in the post-pandemic world;64%believe data quality is severely impacted if it is not updated in real-time.however,ensuring that people have the skills and the willingness to use data insights to inform their decisions is equally important.Currently only 63%of respondents believe th

59、eir leadership team understands the importance of data to the business,leaving a significant proportion that dont.establishing the right mindset and securing buy-in from all levels of the organisation will be key.CHAPTER 312|The FuTure oF DaTaOVERCOMING RISKSDespite its many advantages,a greater rel

60、iance on data can also present risks for businesses and this is clearly weighing on the minds of many leaders.Security is a significant issue.44%are wary that the organisation will be unable to protect its data in the future,while 52%believe that reliance on data will make their business vulnerable

61、to cyber-attacks.New regulatory requirements are another concern for organisations dependent on customer and supplier data.half of the respondents are worried about maintaining data privacy(50%),while a quarter point to data regulation and legal procedures as a source of risk.Generally,organisations

62、 want to do the right thing and 49%are anxious about the ethical use of data in the future.Many of these issues appear daunting,but its vital that leaders incorporate the potential vulnerabilities into their planning today,to better manage these risks for the future.With all these considerations in

63、mind,taking the time to create the right plan is critical.Nearly seven in ten leaders believe investing in data must be viewed as a long-term strategy(68%).63%Average(All)UKGermanyAustriaSwitzerlandSwedenNorwayDenmarkFinlandPolandHungary68%61%56%65%56%54%52%65%72%64%68%Average(All)UKGermanyAustriaSw

64、itzerlandSwedenNorwayDenmarkFinlandPolandHungary70%64%60%73%69%70%53%75%72%64%Percentage of business leaders surveyed that believe their leadership team understands the importance of data to the businessPercentage of business leaders surveyed that agree investing in data must be viewed as a long-ter

65、m strategyCOUNTRY BREAKDOWN ACROSS EUROPE13|The FuTure oF DaTaCreating data strategies is a challenging undertaking and its not a one-off exercise.When considering the challenge,we need to adopt the mindset of continuous improvement and acknowledge that every organisation is on a journey with data.a

66、s weve seen,for most companies that journey begins with the character and quality of the data.Then there are extra complexities to consider:data provenance,consumer permissions,regulations and your responsibilities when consuming that data.all of that can seem overwhelming and perhaps a natural resp

67、onse is to try to outsource the issue to a third party.however,your business still retains responsibility for the data and how its used.Likewise,youre partnering with a data specialist who will walk along the journey with you,not for you.Getting a data strategy in place today is table stakes for sta

68、ying in business.Data is doubling at a rate thats no longer measurable;much of it is unstructured,hidden and open to manipulation by adversaries.It can seem tremendously complex and unfortunately,in the future it will only become more challenging.Nobody can do this alone thats why its so valuable to

69、 partner with data specialists.Working together will enable businesses to focus on what they were founded for and do best.In any crisis,the organisations that thrive are those that partner together to share skills and knowledge and there is help out there.RIKARD CANDELL ANALYTICS DIRECTOR,DUN&BRADST

70、REET EUROPEEXTERNAL INSIGHTSThere are clearly many considerations for leaders refining their data plans for the future.Drawing on ex-ternal support can help organisations to improve their data quality and ensure that their strategy is watertight.Many leaders appreciate the potential of outside insig

71、ht and particularly additional data;according to respondents,drawing on more third-party data could enable their organisation to both help current customers(62%)and win more business(60%).a further two thirds believe that having more complete data(65%)and more accurate data(66%)would help the sales

72、team to convert more opportunities,delivering clear benefits for the business.external support can also help businesses to make the best use of the data they have and two thirds of organisations would value more advice(67%).all of this will help to create a robust,sustainable data strategy that deli

73、vers long-term results.BUILDING STRATEGIES FIT FOR THE FUTURE,WITH THE SUPPORT OF PARTNERSHIPS14|The FuTure oF DaTaIt isnt enough for businesses to simply have a strategy;the Covid-19 pandemic has shown that data quality,processes and even peoples mindsets can have a direct impact on business outcom

74、es when it matters.unsurprisingly,the majority of business leaders understand that data will be vital to their organisations future success.But there are hurdles to overcome in every business.That might be shoring up the skills and solutions needed to lay the foundations for a data-driven future.or

75、it might be contending with the long-term implications of a greater reliance on data,such as vulnerability to attacks or ethical questions.But whatever their progress to date,there are ways for leaders in every organisation to improve their standing and get the right data on side for the future.The

76、world of data can feel overwhelmingly complicated,and it is becoming more complicated all the time.But what will determine successful businesses and leaders in the years ahead is a willingness to listen,learn and collaborate,even in the face of that overwhelming complexity.It is incredibly valuable

77、to invest time and energy into getting the right data on your side.and by taking these steps,companies can focus on the core parts of their business,and use data as a tool to succeed in doing whatever they do best.Conclusionrecent events have proven beyond question that data matters.124ADOPT THE RIG

78、HT ATTITUDE:Try to be realistic and receptive to support when it comes to data management.recognise that you and your business cant do this by yourself,because no one can.Partnership is the best route forwardEMBRACE CONTINUOUS LEARNING:Increase your circle to working with people that can teach you,a

79、nd aim to pass your learnings onto your colleagues.Focus on continuous improvement in your understanding of data and what it can doDONT LOSE TRACK OF THE WHY:Data alone is never the answer.remember that all this effort is ultimately so that you can focus on running your business in a way that no one

80、 else can.as a business,you should be masters of your craft,and lean on specialists for support with the dataKEEP CHECKING YOUR OBJECTIVE:Likewise,throughout your data journey,check that the question hasnt changed while youve been trying to answer it.3ABOUT DUN&BRADSTREETDun&Bradstreet,a leading glo

81、bal provider of data and analytics,enables companies around the world to improve decision-making and business performance.Dun&Bradstreets Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue,lower cost,mitigate risk,and transform their businesses.Since 1841,c

82、ompanies of every size have relied on Dun&Bradstreet to help them manage risk and reveal opportunity.Dun&Bradstreet also provides list services on over 170 million businesses,powered by our data records on over 455 million businesses around the globe.Dun&Bradstreet data is used by 90%of Fortune 500

83、companies,and its credit scores are globally recognised and respected.If youd like to hear more about how data and analytics can support growth and help you mitigate risk,please contact Dun&Bradstreet on 0808 239 1078.METHODOLOGY This survey of 1,704 business decision makers was conducted by Censuswide in august 2021.The respondents came from organisations based in the uK,Germany,austria,Sweden,Switzerland,Norway,Denmark,Finland,Poland and hungary.