There is a notable shift occurring in how organisations engage with data. As the technology and understanding of this asset changes, more and more firms are looking to experts to help them develop their strategies, so that they deliver a programme that is efficient, productive and cost-effective.
New research from Forrester has found that bettering approaches to data and analytics is becoming a 'top strategic priority' for many organisations, and because this demands a greater level of quality and insight, bosses are seeking data quality providers to advise and implement newer processes.
The technology and market research company noted that many companies are facing challenges that directly impact on their ability to get the most out of this asset.
This is compounded by the 'combination of a brutal proliferation of new or enhanced technologies, emerging data sources, and difficulty in finding skilled people with the appropriate experience'.
Charles Green, an analyst at Forrester who specialises in the technology services and outsourcing markets, explained in a company blog that more than two-thirds of businesses envisage boosting expenditure on data management services over the foreseeable future.
Research noted how 41 per cent of respondents anticipate increasing spending by five to ten per cent over the next 12 months alone, indicating that getting processes up-to-date is vital to ensure that businesses have a strong infrastructure in place.
"Demand for improved quality is the number reason organisations look to data management service providers," Mr Green continued.
"The most frequently stated area for the use of third parties was in the emerging technology services segment, particularly around big data and analytics – 69 per cent of respondents stated they currently use or will use a service provider."
While the cost may seem substantial in some instances, many organisations consider it an investment, as opposed to an expense. It is about looking at the bigger picture.