January 22, 2022

Beyond Going Long

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Delisting companies from the registry in the top ten

Accurate data is critical to business survival

BRATISLAVA, DECEMBER 11 (TASR) – More than half of companies are convinced that they will not survive without relevant, current and appropriate business data. That’s according to a current survey conducted by the analytical firm Dun & Bradstreet. According to two-thirds of companies, data is the most useful tool for identifying new markets and is essential for targeting new customers. Also, as the pandemic continues to disrupt supply chains around the world, 65% of respondents said they used the data to assess risks and 62% to monitor procurement and supply chains.

“Given the exponential increase in data available, businesses today need not just any information, they need data that is thoroughly analyzed, current, and accurate. In other words, data fit for purpose.” Don and Bradstreet Vice President Anthony Scrivinano said. According to him, companies have needed to change the way they analyze data for some time. “It is now important to consider whether the data is accurate and in fact reflects what is happening, or is outdated and irrelevant.”

Despite the belief that data is essential to business operations, managers acknowledge that they are lagging in terms of their ability to manage data. Nearly half of respondents (47%) fear data inaccuracies, 1% are concerned that their company will not have the technology to take full advantage of the data, and 45% of companies believe that their business is developing too slowly to be able to take full advantage of the data.

More than a quarter of companies wanting to improve their data knowledge face the challenge of finding talent to analyze data and apply the knowledge to business decisions. The lack of talent and knowledge is also reflected in other business areas. New regulatory requirements are another problem for organizations that rely on customer and supplier data. Half of the companies contacted are concerned with maintaining data privacy, while a quarter cited data regulation and legal procedures as a source of risk.

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Data skills should be intentional in business, and in addition to finding new talent that businesses lack, it’s important for businesses, according to Scrivenian, not to overlook their existing workforce. “Introducing continuing education through a combination of supervised and unsupervised methods will ensure that skills remain fresh and relevant.”