Data Governance Statistics


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Data Governance Statistics 2023: Facts about Data Governance outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Data Governance, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Data Governance Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Data Governance Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 25 Data Governance Statistics on this page 🙂

Data Governance “Latest” Statistics

  • An average user spends 2 hours each day searching for relevant information (Mckinsey).[1]
  • Only 3% of data in a company firm is of high quality (Harvard Business Review).[1]
  • Bad data costs the firm 12% of its revenue (Experian Data Quality).[1]
  • 27% of data in the world’s largest corporations is erroneous (Gartner).[1]
  • In a company, 60-73% of data is never successfully used for any strategic purpose (Forrester).[1]
  • 84% of commercial enterprise digital transformation attempts fail (Forbes).[1]
  • 77% of worldwide customers would cease doing business with a company that lost or misused their data, and 32% had opted out of tailored advertising in the last year.[2]
  • The Data Governance Market was worth USD 1.81 billion in 2020 and is expected to be worth USD 5.28 billion by 2026, growing at a CAGR of more than 20.83% over the forecast period.[2]
  • Over the following five years, the Data Governance Market is expected to develop at a CAGR of 20.83%.[2]
  • On average, 65% of contact information supplied by online web forms is incorrect.[2]
  • By 2025, the quantity of data created, gathered, or copied in China will have increased from 7.8 zettabytes to 48.6 zettabytes, accounting for 27.8% of total world data generation.[2]
  • Data quality and completeness are cited as the most difficult marketing data management challenges by 54% of firms.[2]
  • 57% of marketers are experiencing poor outcomes as a result of data misinterpretation.[2]
  • Business spending on first-party data management, procedures, and integration increased 9.8% to $5.5 billion in 2019, whereas third-party data management investments increased just 6.1% to $11.9 billion during the same year. (IAB)[3]
  • Data maintenance issues cost firms more than $600 billion every year. (TDWI)[3]
  • Data quality concerns are predicted to cost the US economy $3.1 trillion each year. (IBM)[3]
  • Within the next two years, internal data management utilizing a combination of commercial and homemade systems is expected to expand by 40%. (Digital Deloitte)[3]
  • Within two years, the cost of fully outsourced data management will decline by 48%. (Digital Deloitte)[3]
  • The average company now has 17 distinct technological apps that house client data. (Digital Deloitte)[3]
  • By 2025, the quantity of data created, gathered, or copied in China will have risen from 7.8 zettabytes in 2018 to 48.6 zettabytes, accounting for 27.8% of global data generation. (IDC)[3]
  • Regarding how company executives deal with data, 70% of their time is spent finding data and just 30% of their time is spent evaluating it. (IBM)[3]
  • Data quality and completeness are cited as the most difficult marketing data management challenges by 54% of firms. (Invespcro)[3]
  • 57% of marketers are experiencing poor outcomes as a result of data misinterpretation. (Wharton)[3]
  • 47% of new data gathered by firms have one or more major mistakes. (HBR)[3]
  • According to the 2019 Global Data Transformation Survey, respondents spent an average of 30% of their total enterprise time on non-value-added tasks due to poor data quality and availability.[4]

Also Read

How Useful is Data Governance

At its core, data governance is about establishing policies, procedures, and standards to ensure that data is managed effectively and securely throughout its lifecycle. This involves defining roles and responsibilities, establishing processes for data collection, storage, and sharing, as well as monitoring and enforcing compliance with regulations and industry standards.

One of the key benefits of data governance is that it allows organizations to gain greater control and visibility over their data assets. By defining data ownership and stewardship, organizations can ensure that data is accurate, up-to-date, and accessible to those who need it. This can improve decision-making processes, enhance operational efficiency, and drive innovation and competitiveness.

Data governance also plays a crucial role in ensuring data quality and consistency. By defining data standards and quality metrics, organizations can identify and correct data errors, duplicates, and inconsistencies. This not only enhances the trustworthiness of data but also improves the accuracy of analytical insights and reporting.

Moreover, data governance is essential for ensuring data security and compliance with regulatory requirements. By establishing data classification and protection policies, organizations can mitigate the risk of data breaches and unauthorized access. This is especially important in light of increasing data privacy regulations such as GDPR and CCPA, which carry hefty fines for non-compliance.

Another key benefit of data governance is its role in fostering collaboration and transparency within organizations. By establishing data governance frameworks, organizations can break down silos and enable cross-functional teams to work together towards common data goals. This can lead to improved communication, alignment, and knowledge sharing, ultimately driving better business outcomes.

In today’s data-driven world, where data is increasingly viewed as a strategic asset, the importance of data governance cannot be overstated. By implementing robust data governance practices, organizations can unlock the full potential of their data assets, ensuring that data is trusted, secure, and well-utilized.

Ultimately, the usefulness of data governance lies in its ability to empower organizations to make better decisions, improve operational efficiency, mitigate risks, and drive innovation. While implementing data governance may require significant time, effort, and resources, the long-term benefits far outweigh the costs. As organizations continue to grapple with the challenges of managing and protecting their data assets, data governance will undoubtedly play a central role in shaping their data strategies and achieving their business objectives.

Reference

  1. tdan – https://tdan.com/data-management-20-20-data-governance-challenges-in-a-digital-society/26599
  2. webinarcare – https://webinarcare.com/data-governance-statistics/
  3. dataservicesinc – https://www.dataservicesinc.com/newsletter/marketing-data-management-statistics/
  4. mckinsey – https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/designing-data-governance-that-delivers-value

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