Organizations with Mature Data Practices Innovate 2X Faster
September 20, 2021
report reveals a remarkable achievement gap between
organizations with mature data practices versus data-innovation beginners. On
average, data innovators release twice as many products and increase employee
productivity at double the rate of organizations with less mature data
Entering new markets and increasing customer wallet share at nearly twice the rate of data beginners
Increased employee productivity by 16% in the past year, nearly double the increase of beginner-level innovators (9%).
Being nearly twice as likely (66% versus 36%) to be directly monetizing their data.
Some Industries Are More Data-Driven Than Others
Over 50% of retailers using data innovation to optimize inventory or personalize offers, product recommendations and customer service report a significant or game-changing impact.
75% of healthcare orgs prioritize investments in data-innovation platforms (versus point tools).
61% of financial services firms are impacting product/service development with data innovation, the highest percentage of all industries surveyed.
67% of government agencies are data innovation “beginners”.
Some Countries Are More Data-Driven Than Others
33% of APAC organizations rate better data utilization as their top business and IT priority for the next 24 months, a significantly higher proportion relative to both North America (21%) and Europe (17%).
54% of APAC organizations are using observability to improve how they innovate with their data, outpacing North America and Europe (both 42%).
On average, 12% of IT budgets at European companies are allocated to solutions and staff that investigate, monitor, analyze and act on data, trailing North America and APAC (both 14%).
European organizations were the least likely to report hiring a chief innovation officer to drive initiatives (64%, versus 72% in North America and 75% in APAC).
“In the past year and a half, in the midst of a global pandemic, the value of data-driven innovation and digital transformation has only been catalyzed,” said Adam Demattia, Director, Customer Research, ESG. “Organizations that have been most capable of adapting and accelerating their business amid such uncertainty are those that have undoubtedly invested in performance management, observability and data-first technologies.”