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

One of the key aspects of data governance is data quality. Data quality refers to the accuracy, completeness, consistency, and timeliness of data. Poor data quality can have far-reaching consequences for organizations, leading to misinformed decision-making, inaccurate reporting, and lost revenue. By implementing robust data governance practices, organizations can ensure that their data is of high quality and can be relied upon for critical business decisions.

Another important aspect of data governance is data security. In today’s digital world, data security is a top priority for organizations of all sizes. Data breaches and cyber attacks can have devastating consequences, not only in terms of financial losses but also in terms of damage to a company’s reputation and customer trust. By implementing strong data governance practices, organizations can improve their data security posture by ensuring that sensitive data is adequately protected and access controls are in place to prevent unauthorized access.

Data governance also plays a vital role in regulatory compliance. Many industries are subject to strict regulations governing the collection, storage, and use of data. By implementing data governance practices that adhere to these regulations, organizations can avoid hefty fines and penalties for non-compliance. Additionally, data governance can help organizations demonstrate accountability and transparency in how they manage and use data, thereby enhancing trust with customers and partners.

Beyond these specific benefits, data governance also provides organizations with a holistic view of their data landscape. By establishing clear policies and procedures for data management, organizations can gain a better understanding of their data assets, including where data resides, who has access to it, and how it is being used. This visibility can help organizations identify inefficiencies, redundancies, and opportunities for data monetization, ultimately leading to improved data-driven decision-making and business outcomes.

In conclusion, data governance is a critical component of any organization’s data management strategy. By implementing robust data governance practices, organizations can ensure that their data is accurate, secure, and compliant with regulations. Data governance provides organizations with the foundation they need to leverage data effectively, improve decision-making, and drive business success.

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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