In this research report published by Harvard Business Review Analytic Services, we see that companies are rethinking data-driven practices to keep pace and win in today’s digital market.
Data-driven strategies bring new rules & new tools
Companies are awash in data—their own, generated over many years, and increasingly, a growing variety of inputs from outside their organizations.
For many companies, executing a data-driven strategy requires a new set of tools and technologies—and, often, new talent within the organization to deploy it.
“We almost have to become a software company and a data science company in order to do what we’re doing,” says the CIO of an engineering consulting company. “This has probably been the biggest challenge.”
This CIO isn’t alone. A recent survey of nearly 400 executives by Harvard Business Review Analytic Services finds that getting value from all of this data isn’t easy, but it’s well worth the effort.
Companies that are at the forefront of data use are seeing the payoff, with a quarter or more respondents claiming significant improvements in profitability, new product/service introductions, market share, increased sales, and, especially, operational efficiency.
Highlights from the research report
- 87% of those identified as leaders take an integrated approach to data curation.
- 85% of respondents say high-quality external data is very important to their business’s success.
- 63% believe that poor-quality licensed data has a negative impact on business.
- 61% say data quality is the most important factor in selecting a data supplier.
There are solid reasons why organizations of all sizes should adopt a data-driven business strategy. This comprehensive 9-page research report confirms what Precisely is seeing with clients: companies leveraging data are realizing significant improvements in key business metrics. These include profitability, product/service introductions, customer satisfaction, market share, sales growth, and operational efficiency.
Download the full research report to learn what the leaders do differently and how they address challenges. The report also explores a variety of B2B and B2C use cases.
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