Companies with mature data practices have a workforce more productive workforces, are faster to innovate, faster to enter new markets and are more likely to directly monetize their data, compared to their less mature peers.
According to a newhe Splunk survey, which surveyed 1,250 companies and IT managers worldwide on their data practices, and found that data maturity is now a key business accelerator.
What these businesses need, according to Splunk, is a complete view of their data and the ability to act quickly. Big investors are said to innovate twice as fast as start-ups and are able to enter new markets twice as fast. They are also able to increase clients 'wallet share almost twice as fast.
Employee productivity at these companies jumped 16% last year, while newbies can only boast a 9% increase. Finally, mature companies are almost twice as likely to directly monetize their data.
"In today's world, data is a strategic asset helping organizations not only survive, but thrive," said Doug Merritt, President and CEO of Splunk.
"Our current era of innovation is driven by those who do more than just store and manage data. Organizations that have invested in placinghe data at the heart of their operations is twice as innovative and twice as productive as data that is not.
Newbies to data
Not all industries are created equal, however, and some are capable of innovating better than d 'others. Manufacturers are applying data innovation to improve material yields, and half of them reported a "game-changing" impact.
The same impact was felt by more than half of retailers who used data innovation to optimize and personalize offers, product recommendations and customer service.
On the other hand, government agencies, two-thirds of which (67%) are considered “beginners”.
Data innovation also varies by geography, the report says, albeit slightly. For example, companies from AmericaNorth and APAC region invest 14% of their budget in solutions and people who investigate, monitor, analyze and respond to data, compared to 12% in Europe.