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Large Czech companies consider the biggest challenge they will face in the next three years to be good data management and business’ inability to utilize data. This is related to the biggest current blockers to the effective use of data, which they see as rigid or outdated Data Governance, insufficient support and a lack of understanding for IT needs by management and business, and the reluctance to share data.
This was revealed in research conducted by Adastra among data analysts from large Czech companies across various industries from banking, insurance, energy, and automotive to the public sector.
“Some of the biggest challenges that companies face with regard to working with data include the management and integration of large volumes of data, data quality, and Data Governance. These are disciplines that require understanding and support not just from IT but also from management and business. It is important for organizations to have a strategy and a plan to address these challenges and achieve effective data management,” says Michal Kratochvíl, Banking Division Director at Adastra. “Using data properly offers support for better decision-making, the possibility of personalizing services, more efficient operations, and inspiration for innovation,” he adds.
The gap between IT and business is a burning issue for many companies. Regarding the effective use of data, they complain about, among other things, poor sharing of data within the organization and the generally low level of users’ knowledge and ability to utilize data. “Given that most of the companies we surveyed work with data from more than a hundred data systems, functional data management and reliable data transfers are absolutely fundamental,” says Dagmar Bínová, Big Data & Data Science Lead at Adastra, which provides comprehensive data services to companies around the world across the entire business spectrum.
- A majority (56%) of large companies work with more than 100 data systems.
- Another 22% of companies surveyed use 50-100 data platforms.
- As a result, data platform consolidation is an issue that concerns them, and they often address the redesign of their data architecture.
- In relation to data, large companies complain most about:
- Data management – specifically, inadequate
- Data Governance, data quality, the lack of data owners and poor-quality data taxonomy.
- Data sharing and democratization.
- 53% of companies process data on a daily basis; 71% even do so in near real time.
- In the next 3 years, large Czech companies will focus on modern work with data – the use of machine learning and artificial intelligence in business, real-time data processing, self-service data democratization, data virtualization, and so on.
Our case studies
When Equa Bank was being mergedintoRaiffeisenbank in November 2022, we handled the migration of Equa Bank’s client data into Raiffeisenbank’s CRM system. We also ensured the client master data was propagated to the bank’s core systems.
With millions of clients conducting millions of operations every day, the bank needed to automatically assign a unique category to every banking transaction (card...
Together with the bank, we used several years’ worth of transaction descriptions and a number of transactions of a specific type to identify a...
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