In support of our membership, the EDM Council conducts research into a variety of data management topics and evolving trends. Such topics include defining critical data elements (CDE), data implications for analytics, AI and machine learning and evaluation of regulations and their data management impacts.
As part of the agenda for data management research, the EDM Council conducts periodic benchmark studies, using DCAM® (Data Management Capability Assessment Model) as the framework for the analysis.
EDM Council is pleased to introduce the fourth edition of our Data Management Benchmark Report. Our biennial study saw a three-fold increase in overall participation, with responses from more industries. 58% of the responses came from non-financial companies, a 27% increase from the 2020 survey. EDM Council’s Benchmark studies use DCAM® (Data Management Capability Assessment Model), which outlines best practices for data programs, as the framework to assess how the profession as a whole has progressed its data management program agenda.
EDM Council has continued to expand its resources for a growing roster of industries. In 2021, we were pleased to introduce the first data management benchmark study for the pharmaceutical and life sciences industry, which overall has been rapidly evolving its data management practices. Thank you to our partners OSTHUS and PwC Strategy& for their assistance with the survey and the production of this report.
Previous benchmarks focused primarily on the finance industry. In 2020, we expanded our reach to include multiple industry sectors, including manufacturing, software, services, consultancies, and others, resulting in over 30% of the 2020 Benchmark survey coming from these sectors.
This fourth edition of the Benchmark Report saw a three-fold increase in overall participation, plus responses from more industries, with 58% of responses coming from non-financial companies, a 27% increase from the 2020 survey.
The 2023 Global Data Management Benchmark survey asked participants to share their thoughts on how their data programs have been progressing and if they are adding true business value to their organizations. How successful have firms been in:
The 2023 Benchmark Report’s data reveals the growing strategic significance of the Chief Data Officer role and the practice of data management, specifically that:
Survey participants indicate that 80% have data governance programs in progress or already established. The Report also highlights the critical role of responsible, ethical management of the public’s data but the need for improvement, with only 62% of respondents indicating the establishment or progress of sustainable data analytic governance programs, although this has increased from 51% in 2020. The topic of data literacy as a crucial element of a strong data-driven culture is also represented in the analysis as key factors of a firm’s overall success.
The highest scores of the 2023 Benchmark belong to the establishment of the data management program, with nearly 84% of all respondents saying they had established or nearly established a data management program. Growth is seen particularly in non-financial sectors.
The study reveals the importance of a data-driven culture as a key factor in overall success. A data culture starts at the top. But without a focus on data literacy, organizations might come up short in achieving their objectives.
The role of the Chief Data Officer (CDO) or Chief Data Executive continues to gain relevance and importance in today’s corporate C-Suite, with 65% of respondents indicating their firms have the role. Today’s data executives are significantly more senior than their counterparts 10 years ago and the scope of their responsibilities has expanded considerably.
Today’s data management professionals are assuming more and more responsibility for the public’s data. However, the Benchmark saw relatively low scores for organizations’ capabilities related to properly governed analytic models and properly trained human resources needed to mitigate these risks.
80% reporting their governance programs in progress or already established. The focus on data governance is a key strategic initiative, especially given the ever-increasing responsibility that the data professional must assume in assuring data privacy is maintained and data use is both ethical and fit for purpose.
The increased focus and attention on data management across all industries, and the continued elevation of data
management professionals in the corporate hierarchy, are a promising sign for both the individual data management practitioners as well as the organizations that they serve.