Data innovations can be used to increase value across a range of processes, from enhancing global supply chains to providing services that are tailored to the particular customer. They can also improve internal efficiencies and even help companies monetize their own data directly.
But just having the right tools does not ensure that a company’s data-driven approach will be successful. To unlock the full potential of a data-driven strategy, it’s best to integrate it into the workflows and culture of an organisation. This requires a change in the technology landscape and how employees view the role of data in business.
It’s costly to change how a company operates, but the results can be worth it. Our research found that leaders in data innovation (those who have the highest degree of maturity in six key data driven practices) experienced an average of 9.5% increase of gross profit as compared with those in beginning level.
Data innovation leaders take their commitment to reshaping their organisations seriously. They spend 53% more of their IT budget on staff and solutions to improve the investigation monitoring and analysis of data as compared to novices and intermediates. These investments have paid off: leaders are far more confident that they will be able to change the way in which their industry operates, with 75% of them stating they’ll do so, as opposed to just 69% of intermediates and 47% of https://www.rachel-lyles.com/the-power-of-data-why-innovative-solutions-are-critical-for-managing-modern-business-processes/ beginners.