Data and Analytics Priorities and Challenges: 2024 Trends
Data and analytics (D&A) can play an important role in the overall success of an organization. What are D&A priorities for the coming year and what challenges could limit success?
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In 2024, leaders expect their D&A function to play an important role in the organization’s success
Priorities for 2024 include revenue generation, data quality improvement and capabilities evolution
Leaders say talent recruitment and executive leadership alignment are among the most concerning barriers to success
D&A function important to organizational success, though sometimes undervalued
94% of respondents expect their D&A functions to play an important or pivotal role in their organization’s success in 2024; however, 29% feel D&A is undervalued or underutilized despite its importance.
Which of the following best describes the role that your D&A function will play in your organization’s success in 2024?
Minor role in the organization's success 4% | Not yet mature enough to play a significant role in the organization’s success 0% | Not sure 1%
n = 82 Note: May not add up to 100% due to rounding
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Question: Do you have any final thoughts to share or personal opinions about your data and analytics function's priorities and planning for 2024?
It is critical that [the] data and analytics functions should work in sync.
Revenue generation and data quality improvements are top priorities in 2024
About half of respondents expect revenue generation (50%) or data quality improvement (49%) to be among their D&A function’s top three strategic priorities in 2024.
Based on your personal knowledge of your data and analytics (D&A) function’s goals, what are most likely to be the top three strategic priorities for your D&A function in 2024? Select three.
Improve data management 35% | Improve customer experience 28% | Increase cost efficiency 23% | Integrate D&A into long-term business strategy 21% | Mature D&A culture (e.g., data literacy, business literacy, change management) 18% | Simplify data access 17% | Improve sustainability 15% | Increase employee productivity 15% | Strengthen data security (e.g., data privacy, data recovery) 15% | Optimize D&A organizational structure 7% | Talent management (e.g., hiring/retaining the right skill sets) 1% | Other 0%
n = 82
Question: Do you have any final thoughts to share or personal opinions about your data and analytics function's priorities and planning for 2024?
We still struggle with data accuracy and integrity. The business needs to own the data they input as IT cannot.
Recruitment and leadership alignment crucial to success of 2024 priorities
62% of respondents anticipate talent attraction and recruitment will pose significant obstacles to achieving their D&A function’s top three strategic priorities.
Which talent-related issue(s), if any, do you personally think could pose the most significant obstacle(s) to achieving your D&A function’s top three strategic priorities in 2024? Select all that apply.
Adjustment to in-office working requirements 26% | Employee engagement and motivation 23% | Team diversity and inclusion 23% | None — I don’t foresee any talent-related obstacles 9% | Other 0%
n = 82
54% say their executive leadership’s alignment could pose a significant challenge for D&A priorities in 2024.
Apart from talent-related issues, which of the following do you think could pose the most significant obstacle(s) to achieving your D&A function’s top three strategic priorities for 2024? Select all that apply.
Regulatory changes 24% | Geopolitical uncertainty 22% | Wider economic issues 22% | Team morale 20% | Other 0%
n = 82
Question: Do you have any final thoughts to share or personal opinions about your data and analytics function's priorities and planning for 2024?
Moving from legacy disparate functions across departments to more strategic and intentional data operations has proven challenging.
Alignment of executive management is [a] must to get more success in D&A function.
In their own words...
Question: Do you have any final thoughts to share or personal opinions about your data and analytics function's priorities and planning for 2024?
Data and analytics should not be seen as a siloed function, but rather as an essential part of all business decisions. Data and analytics should not be just for data scientists and analysts. Everyone in the business should have access to data and analytics tools and resources so that they can make informed decisions.
It should be a mandate from the CEO to prioritize data & analytics, not thinking about it when you have the immediate need.
Respondent Breakdown
