Kforce experts provide insight on 5 common data strategy challenges, as determined by 1,500 survey respondents.

Collecting meaningful data and data security are the biggest challenges when it comes to data analytics, according to a recent survey on Kforce.com. Companies nationwide understand how essential it is to become a data-driven organization. And they’re spending money to make it happen. The big data market size is expected to be $84 billion by the end of 2024 and is forecasted to reach $103 billion by the end of 2027, according to Big Data Analytics News. But despite the growing market, many businesses are plagued by similar challenges when it comes to achieving their data goals. Kforce recently surveyed 1,500 technologists nationwide about their companies’ experience with data analytics, prioritization, hurdles and opportunities.

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Kforce survey: Quality and security dominate data and analytics concerns

PUBLISHED MARCH 2024

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Brad Boyd

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PRACTICE LEADER

Data & Analytics Kforce Consulting Solutions

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Robert Laurens

PRACTICE LEADER

Cloud Kforce Consulting Solutions

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Andrew Graczyk

PRACTICE DIRECTOR

Data & Analytics Kforce Consulting Solutions

5 hurdles to becoming a data-driven organization

Quality data and a high level of data literacy are critical to building a successful data strategy. Without high-quality data, companies may not receive accurate insights to make decisions. Data should be timely, consistent, complete and accurate. Unsurprisingly, more than half of Kforce survey respondents identified acquiring data with these characteristics as the biggest challenge their organizations face. “It’s not enough to simply gather quality data,” said Dr. Andrew Graczyk, a data and analytics practice director for Kforce Consulting Solutions. “You also must ensure everyone in your organization knows what to do with it. This is where data literacy comes in.” Data literacy is the ability of individuals within your organization to fully understand, clearly communicate and thoughtfully make decisions with data. There must be a high level of data literacy throughout your organization to ensure the power of your data insights does not go unrealized.

These concerns aren’t new, said Brad Boyd, Kforce Consulting Solutions data and analytics practice leader. Many companies have been wrestling with meaningful data since they began moving from paper to PC. “Ensuring an organization has ‘meaningful data’ has become synonymous with the ability to innovate, maintain a competitive advantage over the competition, being operationally efficient and ultimately being able to make informed business decisions,” Boyd said. “And because ‘meaningful data’ has become many of our clients most valuable asset, securing that data has become a key initiative.” Successful data-driven organizations are often leaders in their industry capable of deeply understanding customer expectations and behavior, anticipating trends and quickly making well-informed decisions. The value of such a change is undeniable. More than 80% of Kforce survey respondents believe their business or employer has clear goals when it comes to data strategy for the next 2-3 years. But the intermediate steps – such as aligning IT and business strategy, rethinking internal processes and building the right culture –can interfere with those plans. Below, our experts break down additional survey data and weigh in on the importance of addressing these critical areas.

Data quality and data literacy

57% of survey respondents said "collecting meaningful data" is the biggest challenge when it comes to data analytics

51% of respondents said their company has someone responsible for data quality

Data security

37% of survey respondents selected "data security" as the greatest challenge to overcome

Many companies in the past associated data security with physically securing data, Boyd said. Long gone are the scenarios of someone walking out the door with a hard drive full of proprietary data. Today’s data security initiatives must not only address physically and logically protecting sensitive information, but securing data must also directly contribute to areas such as regulatory compliance, safeguarding a company’s reputation, ensuring operational continuity and being a gatekeeper of a company’s intellectual property.

“In this time where data is not just an asset, but the backbone of innovation, trust and growth, ensuring data security is no longer just a technical necessity – it’s a foundational element of any company’s integrity and resilience,” Boyd said. “A company’s commitment to data security shapes the trust their clients, partners and employees place in them.” This commitment extends to other teams and practices within a business, as well. For example, as cyber threats relentlessly evolve, cloud service providers must actively strengthen their security measures. “An emphasis on logical data security becomes pivotal in crafting a comprehensive cloud security strategy,” said Robert Laurens, cloud practice leader for Kforce Consulting Solutions. “Integrating these measures seamlessly with data-level security strategies and AI governance paradigms is crucial, creating a unified and sophisticated defense to protect a firm's invaluable data assets.

Data security is often identified as ensuring the protection of intellectual property or operational continuity, but it’s more than that, Boyd said. Data security’s impact ultimately spans into other significant areas such as the ability to mitigate financial losses and potentially impacting the trust and reputation of their company.

Aligning IT and business strategy

94% of survey respondents said alignment between IT strategy and business strategy is critical when it comes to achieving their goals

This linkage is critical for helping companies facilitate the seamless flow and analysis of data across their internal departments, ultimately allowing for more thorough and innovative insights from what had been previously disparate data, Boyd said.  “This transformation of disparate data into connected, meaningful data has allowed many of our clients to create sustainable competitive advantages over their competition in recent years,” Boyd said. “In fact, we’re seeing ‘data as a strategic asset’ as many of our client’s Top 5 key initiatives for the next several years.”

Unstructured data and disconnected systems

77% of respondents said their company’s data is stored in multiple systems

Companies can collect data with ease, but organizing it in a centralized, streamlined operating center is a separate challenge. In fact, 95% of businesses said that managing unstructured data is a significant problem, according to Big Data Analytics News. Kforce survey respondents shared similar feedback. Nearly 77% of participants said their company’s data is stored in multiple systems like QuickBooks, Salesforce and/or Workday. Traditional data collection systems are not designed to manage the growing volume and complexity of data that organizations have today. Accessibility issues arise as data is stored based on the specific purpose it serves, leading to the creation of silos between separate business functions. “Transforming into a true data-driven organization requires that everyone in the organization knows where, when and how to access relevant data,” Boyd said. “A self-service model that focuses on structured, aligned and accessible data elements is necessary to ensure all team members have easy access to the information they need.”

A data-first culture

40% of survey respondents said their company looks at data on a regular basis

92% of respondents have a general understanding of how to access their company’s data

In order to achieve such large-scale change, companies most build and nurture the right culture. For example, half of survey respondents said they have someone at their company that is responsible for data quality, but most are unsure if the data is analyzed on a regular cadence. Companies must make it a priority to foster an environment in which everyone in the organization values and utilizes data, rather than experience and instincts, to make decisions, Boyd said. Executive support is necessary in championing data literacy throughout the organization, decentralizing data access and maintaining strict governance and security to ensure the responsible use of data.

Our Kforce Consulting Solutions experts can help you avoid these common challenges and harness the full power of your organization’s data. We create custom approaches to collection, storage and security that help your company become confident in data-driven decision-making.

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Key findings

Disparate data is dangerous. More than 75% of respondents said their company's data is stored in multiple systems. To be successful, companies need to avoid creating silos between separate business functions.

When asked to identify the biggest challenges of data analytics, 57% of survey respondents said collecting meaningful data followed by 37% choosing data security.

Data security is more than protecting intellectual property. It ultimately affects significant areas such as mitigating financial loss or protecting the trust and reputation of a company.

Kforce experts are seeing "data as a strategic asset" arise as a top-five key initiative for many clients over the next several years.

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Big Data Analytics News

Creating a data-driven organization

Successful data-driven organizations are often leaders in their industry capable of deeply understanding customer expectations and behavior, anticipating trends and quickly making well-informed decisions.

Big Data Analytics News

Oversight

Quality

A PERSISTENT CONCERN

cRITICAL PARTNERSHIP

consistency

ACCESS

FRAGMENTATION

"We’re seeing 'data as a strategic asset’ as many of our client’s Top 5 key initiatives for the next several years.”

Brad Boyd Practice Leader, Data & Analytics Kforce Consulting Solutions

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