More and more CEOs believe that effective use of data can lead to mid- to long-term strategy change and revenue growth, but they still don’t feel confident enough about their organization’s data management and security to make decisions based on it, according to according to research conducted by PwC worldwide.

On the other hand, it should also be taken into account that most companies, regardless of the industry they belong to, have a complex IT architecture with many more or less integrated systems that require additional time to collect structured data.

The latest PwC Global Digital Trust Insights 2023 study shows that when the topic of data is addressed in annual corporate reports, the discussion is more defensive than the innovative potential that data can bring, which was also noted in an analysis conducted last year. However, business leaders are increasingly interested in how they can use data to identify areas for innovation, such as improving customer experience or pricing strategies in the face of a pandemic and rising inflation. However, innovative data-driven projects also involve effective governance and therefore data management to ensure that databases are properly managed from a security perspective.

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The article is signed by Radu Bedican, PwC partner in Romania

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