A global survey of 357 business executives conducted by MIT Technology Review Insights and Amazon Web Services shows that companies of all sizes and across industries understand how important it is to be data driven. Most importantly, they have learned that a helpful and successful data strategy cannot be missed.
Data quality front and center
The last one-and-a-half years have been disrupted for business across the industry in large part due to the epidemic. The initial shutdown in March 2020 meant that many companies had to introduce a dime to accommodate all remote workers in line with wild changes in consumer behavior and market demand.
The good news is that even in times of unprecedented crisis, a large number of organizations continue to grow. In fact, nearly half (5%) of survey respondents identified their companies as “thrivers” and said they had increased business in the past 1 month.
But, not surprisingly, after such a challenging period, many other organizations can do little more than try to stay afloat: 55% of those surveyed did not maintain their efforts, run their normal level of business, or simply did. t off.
Yet, as companies prosper, maintain, or simply survive, there is no doubt that the power of data is paramount for all businesses to succeed. In today’s digital world, companies collect or access large amounts of data. Thanks to technologies such as cloud computing, analytics and artificial intelligence (AI), they can store, process, analyze and use data in meaningful ways to enhance business results.
As a result, there is a lot of potential to gain business value from big data sets. According to the survey, most conventional pricing companies expect smart decision making (%%) to be convenient. They want to have a deeper understanding of their customer and industry trends (61%), provide better services and products (42%) and implement more efficient internal activities (33%).
Companies also learned valuable lessons about the importance of data as they struggled to stay competitive during epidemics. A total of four of the 10 survey respondents, for example, report that they need to look at more sources of data, including demographic, geo-geographic and competitor data. More than a third (37%) are evaluating machine learning and analysis – technologies are needed to extract critical insights from their data. And %% needs assistance in collecting and processing large amounts of information.
For Thermo Fisher Scientific, a U.S. biotechnology company with more than 80,000 employees in 50 countries, today’s competitive life-science landscape is enriched by accelerating customer research, solving complex analytical challenges, improving patient diagnostics, and increasing laboratory productivity. Through a scalable and secure platform where researchers and scientists can collaborate, conduct research and improve the medical system, “we help our clients make the world healthier, cleaner and safer,” said Thermo Fisher, a commercial analyst and insider. The company wants to provide the best service and products as well as provide customers with the best way to complete their scientific research efficiently, he explained. “But to do that, we need more and more data, which means more complexity, so we need to expand our data science investment to constantly innovate for our customers.”
Information strategy is fundamental
Nowadays, data-driven organizations are within reach of every organization, says Ishith Bachcharajani, enterprise strategist at cloud provider Amazon Web Services. But it doesn’t happen overnight: having a good data strategy, he said, is fundamental to making better decisions and boosting growth.
“The data strategy in today’s world is the table stack,” says Vachhrajani. “The gap between companies that are moving fast and changing the journey towards successful data strategies is seeing companies lag behind.”
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