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

Data governance plays a crucial role in organizations by defining policies, procedures, roles, and responsibilities related to data management. It aims to ensure that data is accurate, trustworthy, and meets the needs of the organization. By establishing rules and guidelines for how data should be handled, data governance helps to prevent data breaches, ensure data quality, and improve decision-making.

One of the key benefits of data governance is that it helps organizations to establish a single source of truth for their data. By defining standards for data collection, storage, and usage, data governance ensures that everyone within an organization is working with consistent and accurate data. This not only improves the quality of decision-making but also helps to build trust and confidence in the data being used.

Furthermore, data governance plays a crucial role in compliance and risk management. With the increasing number of regulations around data protection and privacy, organizations need to ensure that they are handling and protecting their data in accordance with the law. Data governance helps to establish guidelines for data security, access control, and data retention, ensuring that organizations are compliant with regulations and reducing the risk of data breaches.

Moreover, data governance also helps organizations to optimize their data usage and management. By defining data ownership and accountability, organizations can streamline data workflows, reduce duplication of efforts, and improve data quality. This, in turn, enables organizations to extract more value from their data, allowing them to make more informed decisions and drive better business outcomes.

In addition, data governance plays a crucial role in fostering a data-driven culture within organizations. By establishing standards and best practices for data management, data governance encourages employees to treat data as a valuable asset and to use it responsibly. This, in turn, helps to break down silos within organizations, facilitate data sharing and collaboration, and drive innovation.

Overall, data governance is a critical component of data management that helps organizations to ensure that their data is accurate, secure, and compliant with regulations. By establishing rules and guidelines for data management, data governance helps organizations to establish a single source of truth, improve decision-making, and drive better business outcomes. It fosters a culture of data-driven decision-making, streamlines data workflows, and reduces risks associated with data handling. In an era where data is king, data governance is more important than ever.

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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