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A worldwide survey of 357 business managers by MIT Technology Review Insights and Amazon Web Services shows that organizations of all sizes and industries understand the importance of managing data. Most importantly, they have learned that a supportive and successful data strategy cannot be left to chance.
The value of the data is in front and in the center
The past year and a half have been devastating for businesses in various industries, largely due to the pandemic. The initial closures in March 2020 meant that many companies had to include a penny to organize a fully remote workforce, while dealing with wild changes in consumer behavior and market demand.
The good news is that even during an unprecedented crisis, a large number of organizations continue to grow. In fact, almost half of the respondents (45%) describe their companies as “thriving”, saying that they have stimulated business growth in the last 18 months.
But not surprisingly, after such a challenging period, many other organizations could do nothing more than stay stable or try to stay: the remaining 55% of respondents managed to keep their efforts by running their usual level of business. or just don’t close
Whether organizations thrive, sustain, or simply survive, there is no doubt that the power of data is paramount to all businesses that want to succeed. In today’s digital world, companies collect or access huge amounts of data. Thanks to technologies such as cloud computing, analysis and artificial intelligence (AI), they can also store, process, analyze and use this data treasure in a meaningful way to increase business results.
As a result, there are many opportunities to gain business value from large data sets. According to the survey, the most common companies hoping to benefit are smarter decision-making (79%). They also want to better understand their customers and industry trends (61%), provide better services and products (42%) and implement more efficient internal operations (33%).
Companies also learned valuable lessons about the importance of data as they struggled to stay competitive during the pandemic. Approximately four out of 10 respondents, for example, said they needed to look at more data sources, including demographic, geospatial and competitor information. More than a third (37%) evaluate machine learning and analysis – technologies essential for extracting critical information from their data. And 34% need help, affecting the huge amounts of data they collect and process.
For Thermo Fisher Scientific, an American biotechnology company with more than 80,000 employees in 50 countries, thriving in today’s competitive life sciences landscape is about helping customers accelerate research, solve complex analytical challenges, improve patient diagnosis and increase the productivity of laboratories. Through a scalable and secure platform on which researchers and scientists can collaborate, conduct research and improve treatment, “we help our clients make the world healthier, cleaner and safer,” says Michael Granger. Senior Sales Analysis and Insight Manager at Thermofisher. The company wants to provide the best service and products, as well as the best ways for customers to effectively complete their research, he explains. “But to do that, we need more and more data, which means more complexity, so we need to expand our investment in data science to constantly innovate for our customers.”
The data strategy is fundamental
These days, the transformation of data-driven is within the reach of any organization, says Ishit Vahradjani, a corporate strategist at cloud provider Amazon Web Services. But that doesn’t happen overnight: having a good data strategy, he says, is essential to support better decision-making and boost growth.
“The data strategy is a pledge on the table in today’s world,” Vahrajani said. “You can see the distance between companies that are moving fast and leading to a change on the path to a successful data strategy, compared to companies that are lagging behind.”
Download the full report.
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