What should companies do now?

To fully capitalize on their data, organizations need to effectively understand, track, optimize, and manage it. During their transformation journeys, they should take the following actions:

Map and comprehend the entire data ecosystem, pinpointing where data is stored, and understanding its journey and utility.

Assess the value of data at each stage of the pipeline and phase out any data sources that do not serve a business purpose.

Be aware of the data being sourced from external vendors and its usage within the company.

Avoid acquiring or retaining more data than necessary for organizational operations.

Remove irrelevant, incorrect, and redundant data based on the industry specifics and the controlled nature of the organizational environment.

Establish a "golden source" of data to guarantee its accuracy and consistency across the ecosystem.

CIOs should prioritize addressing data deficiencies and foster a disciplined approach to data management and protection through robust governance. This strategic focus will help the organization transform and maximize the value derived from its data.