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Mature data practices deliver workplace productivity and innovation

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Organizations leveraging data-driven insights generated twice as many innovations in 2020 compared with companies with less “mature” data strategies, according to new research findings from Enterprise Strategy Group and data analytics pioneer Splunk.

Graph with Title: "Data leaders innovate broadly" and subtitle "Leaders are more likely to employ data innovation across all use cases." The graph shows Employee efficiency/productivity at 72% leaders, 63% followers, 59% beginners. Application development at 68% leaders, 54% followers, and 42% beginners. Direct monetization of data at 66% leaders, 55% followers, and 36% beginners. Identifying new roles/staffing priorities at 66% leaders, 52% followers, and 47% beginners. Development/launch of products/services at 63% leaders, 59% followers, and 51% beginners. Leaders are defined as organizations that excel at all six factors of the study, followers exhibit up to five, and the remaining are beginners. The study includes methodology, but does not include statistical analysis of the data.Graph with Title: "Data leaders innovate broadly" and subtitle "Leaders are more likely to employ data innovation across all use cases." The graph shows Employee efficiency/productivity at 72% leaders, 63% followers, 59% beginners. Application development at 68% leaders, 54% followers, and 42% beginners. Direct monetization of data at 66% leaders, 55% followers, and 36% beginners. Identifying new roles/staffing priorities at 66% leaders, 52% followers, and 47% beginners. Development/launch of products/services at 63% leaders, 59% followers, and 51% beginners. Leaders are defined as organizations that excel at all six factors of the study, followers exhibit up to five, and the remaining are beginners. The study includes methodology, but does not include statistical analysis of the data.

Above: Leaders are more likely to employ data innovation across all use cases. Leaders are defined as companies that excelled at all six factors the study measured, followers excelled at five, and the rest were classified as beginners.

Image Credit: Splunk

The companies with mature data strategies were able to release twice as many products and services and increase employee productivity almost twice as fast (16% vs. 9%), as organizations with less mature data practices.

The report also found that mature data practices enabled organizations to enter into new markets and increase customer wallet share, and that these companies were nearly 2x as likely (66% vs. 36%) to directly monetize their data.

The correlation between data usage and innovation was particularly striking given the challenges of a year dominated by the Covid-19 pandemic. “In today’s world, data is a strategic asset helping organizations not just survive, but thrive,” said Doug Merritt, President and CEO, Splunk. “Our current era of innovation is propelled by those who are doing more than just storing and managing data. Organizations that have invested in placing data at the core of their operations are twice as innovative and twice as productive as those that aren’t.”

The study surveyed 1,250 data-focused IT and business leaders in ten countries (United States, Canada, United Kingdom, China, France, Germany, Japan, Australia, New Zealand, and the Netherlands). Respondents were 83% Senior IT level and 17% business decision makers. The survey defined data leaders as companies that excelled at all six factors the study measured, followers excelled at five, and the rest were classified as beginners.

Read the full report by Splunk.

 

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