Businesses with adult data systems have a more productive workforce, are faster to innovate, are faster to enter new markets, and are more reliant on their data than their less mature counterparts. More likely to make direct money.
This is according to a new survey by Splunk, which polled 1,250 global businesses and IT managers on their data methods, and found that data maturity is now a key business speed.
What these firms need, Splink says, is a complete overview of their data, and the ability to work fast. Heavy investors are said to innovate at double the rate of start-up firms, and are able to enter new markets at double the rate. They are also able to double the customer wallet share at almost twice the rate.
Employees at such firms have seen a 16% increase in productivity over the past year, while start-ups can only boast of a 9% increase. Finally, adult businesses are almost twice as likely to monetize their data directly.
“In today’s world, statistics are a strategic asset that not only keep organizations alive but also grow,” said Doug Merritt, president and CEO of Splink.
“Our current era of innovation is driven by people who are doing more than storing and managing data. Organizations that have invested in keeping data at the center of their work Double modern and double productive.
Not all industries are created equal, though, and some are better able to invent than others. Manufacturers apply data innovation to improve content production, and half of them reported the effects of “game-changing”.
The same effect was felt by more than half of retailers who used data innovation to improve and personalize offers, product recommendations, and customer service.
On the other hand, there are government agencies, where two-thirds (67) are considered “primary”.
Data innovation also varies geographically, the report added, albeit slightly. For example, businesses in North America and the APAC region spend 14% of their budgets on solutions and staff who research, monitor, analyze and react to data, compared to 12% in Europe.