Data has now become acrucial tool for innovation within organizations, providing them with acompetitive advantage within their market. Analytics teams and the infrastructure to support them has seen an exponential growth in the past decade, yet many organizations still struggle to procure the right, high quality data sets that are suitable for making confident, data-driven decisions. Market research analyst Frost and Sullivan predicts that “big data analytics market growth is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 29.7% to $40.6 billion by 2023.”
When the pandemic hit, many organizations scrambled to find and purchase the right data to face new business challenges. A year later, many haven’t made much progress. According to a report from Deloitte, apart from the few “data mature” organizations that have successfully embedded adata strategy in their practice, most organizations still struggle to navigate a complex and rapidly evolving vendor market. They also struggle with negotiating contracts—including respecting the terms and conditions (T&Cs) and managing relationships with vendors. Keeping up with new offerings and knowing what is available on the market can be a full-time job.Companies need to keep abreast of innovations and do continuous data benchmarks and comparative analyses.
Since its founding, Korem has accumulated vast experience, guiding customers through thedata acquisition process from product selection, contract advisory, and procurement, as well as data integration services. Based on this experience, we have compiled the top seven most common pitfalls that are overlooked by organizations during the data selection and buying process.