PAC Trend Study: Nordics Ahead in Data Management Implementation

PAC Trend Study: Nordics Ahead in Data Management Implementation

Ulrika Mann

Ulrika Mann,

It’s essential to get data management right on your road to digital. Nordic companies are well positioned – thanks to the region’s openness to the use of data. Read more in our PAC Trend Study, based on interviews with 500 IT and non-IT decision-makers across Europe.

Driven by the need for cost reductions and improved operational efficiency, as well as new regulations and changing customer expectations, European companies are in the midst of the digital transformation. Data plays an important role in all this.

To better understand the status quo of digital transformation initiatives and to explore the future and the role of data management within these initiatives, Cognizant and Informatica commissioned PAC to interview 500 IT and non-IT decision-makers within data analytics and/or data management across Europe.

Data management key
The report suggests that while most companies have already started their digital transformation, very few have successfully implemented it. However, across industries, companies are well aware that the increasing importance of data requires an effective data management strategy: 84% of the respondents see data management as an important factor for their digital transformation.

The area is surrounded by challenges: 63% perceive the quality of data and the limited availability of data sets as major challenges, and 61% of the companies surveyed struggle with the legacy systems landscape and information silos.

The Nordics is ahead
What does the situation look like in the Nordic countries? Here, as well as the UK and Ireland, companies are one step ahead compared to other countries in Europe due to the generally more open culture toward digitalization and to the use of data.

Some of the key results from the report are:

  • Most companies have already started their digital transformation
    50% of the companies surveyed have successfully implemented individual projects. 36% are in the planning or pilot phase for concrete projects – but only 11% have successfully implemented multiple projects.
  • Competition and cost reduction are key drivers of digital transformation
    A highly competitive environment and cost reduction are major drivers for 67% and 65% respectively. Rising and new customer expectations, improving efficiency, and new regulations are also important drivers.
  • Companies are implementing data management strategies on a large scale
    Two thirds of the Nordic countries as well as the UK and Ireland have already partially implemented their data management strategy. France comes in last regarding the implementation status.
  • Data gathered along the customer journey is most valuable
    Other valuable data sources are external data and information, data from connected devices, as well as social media data and feeds. IT system-generated data (e.g. logs, audit trails) only play a minor role.

Understanding the business value of data and the increasing amount of data are the major challenges regarding data management. Managed correctly it constitutes the very fundament for a successful digital transformation.