WBR Insights surveyed 100 Chief Data Officers and similar from buy-side and sell-side firms across Europe and North America, to find out about the challenges they are facing and the innovative solutions being brought to the table.
The key findings include:
- Data challenges continue to persist for both buy-side and sell-side firms. 47% of respondents spend between 25-50% of their time tackling challenges relating to siloed data environments. An additional 23% are spending up to 75% of their time locating the right data across multiple data sources. To tackle these challenges, CDOs can look at unifying their data management by adopting integration software to save time and resources.
- Almost half of our respondents (45%) already have a mature ESG data management and reporting process in place which is not automated. Only 14% of respondents have a mature and automated process in place. Although investing in automation can help improve efficiency and accuracy, a large number of respondents are yet to do so.
- IT resources (30%) and security gaps (27%) are the biggest issues facing CDOs due to untimely access to data. To overcome these challenges, CDOs should remain vigilant and continue to develop their data security strategies to reduce the risk of gaps. Working to tackle existing IT infrastructure silos and obstacles, CDOs can invest in streamlining existing processes and integrating new data management tools.
- Our survey revealed 45% of CDOs are having to spend between 1-23 hours validating the lineage of data used in business decisions. However, 20% are spending up to 5 days doing so. Although having high-quality data is crucial, spending too long validating this can lead to a waste of time and resources.
Against a backdrop of ongoing market volatility and global disruption, in which data has never been more important, InterSystems Joe Lichtenberg, Global Head of Product and Industry Marketing, and Tim FitzGerald, EMEA Financial Services Sales Manager, also discuss the challenges financial service firms are facing when trying to access data to make real-time decisions – and the business impact of overcoming them.