Mazars, the international audit, tax and advisory firm, with research partner DataGalaxy, today announces the release of its first global study on data – The race to data maturity: Is your business as far ahead as you think? Over 1,100 business leaders from 21 countries, working in different size organisations in various industries and sectors participated in an online survey. The goal was to determine the self-assessed data maturity – or ‘fitness’ – of organisations and gauge how this self-assessment measured up to the actual programmes, processes and policies they have in place.
- 82% think they’re more data mature than peers
- But most don’t meet best practice on a range of topics critical to data maturity
- Data maturity is key to growth
Nicolas Quairel, Partner and Global Head of Technology and Digital Consulting at Mazars, comments: “Countless businesses are racing toward the same objective: to be data-driven. However, our findings underscore the inherent difficulty of this journey. The path to data maturity is often longer, more complex, and more fraught with challenges than business leaders anticipate – or even realise.”
Many businesses are overconfident in their data maturity
A strong majority of businesses (82%) believe they are more data mature than their competitors. While they have begun putting data tools in place, most don’t meet best practices that underpin data maturity.
Lazhar Sellami, Co-founder, DataGalaxy, explains: “Leaders must check their overconfidence, identify and then bridge their data maturity gaps to design a successful path toward data transformation. This study identifies the most common gaps and gives leaders actionable insights to get ahead in their race to data maturity.”
Data maturity is key to growth
Nicolas Quairel continues: “Our findings show that the fastest-growing companies are also the ones furthest ahead in the race to data maturity. In other words, businesses that are excelling at every stage of their data journey and passing the baton from insight to action are also unlocking a competitive advantage.”
The companies expecting the highest levels of growth are also the most likely to meet best practices on data across multiple factors. This study identifies seven best practices to help businesses reach data maturity, drive growth, and unlock a competitive advantage through data:
Operationalise a data governance programme
- Enforce organisation-wide data mapping
- Monitor data quality using a shared dashboard
- Fix data at the source
- Fully centralise data in a shared location
- Make data available to anyone who needs it
- Share data knowledge with everyone in your organisation
Not only does this study establish a close link between these best practices and faster business growth, it also shows that overconfidence – especially where data quality is concerned – can undermine investments in sophisticated data tools like AI and advanced analytics.
Click here to download the full report.
About the study
The Mazars global data study 2021 - The race to data maturity: Is your business as far ahead as you think? – is published with the participation of our research partner DataGalaxy. It explores the concepts of data maturity: how do leaders self-assess the data maturity of their businesses and how does this measure up to the actual programmes, processes and policies they have in place?
1,111 senior data governance, data management systems and/or data quality control professionals from 21 countries were surveyed between 12 July and 2 August 2021. Fieldwork was conducted online by GQR research on behalf of Mazars.
Mazars is an internationally integrated partnership, specialising in audit, accountancy, advisory, tax and legal services*. Operating in over 90 countries and territories around the world, we draw on the expertise of more than 42,000 professionals – 26,000+ in Mazars’ integrated partnership and 16,000+ via the Mazars North America Alliance – to assist clients of all sizes at every stage in their development.
*Where permitted under applicable country laws
Founded in 2015 in Lyon-France, DataGalaxy is an innovative startup specialising in collaborative data governance. Focused on user experience, we help organizations leveraging their teams data knowledge to make their organization Data Centric. DataGalaxy offers the first integrated data knowledge platform bridging the gap between all data stakeholders.