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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.
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.