East Brunswick, USA: Only 5 percent of survey respondents believe that their organizations are very effective at implementing modern data sharing, while 67 percent want to move towards that approach, according to a Harvard Business Review Analytic Services study: ‘An Inflection Point for the Data-Driven Enterprise’.
The Wipro, Snowflake Computing and MicroStrategy jointly commissioned study reveals significant gaps between what enterprises want to implement and what they have actually accomplished with modern data sharing and advanced analytics.
The organizations that use traditional methods endure high costs, lengthy delays and avoidable risks only to share static copies of stale data. This limits how and with whom they can share data:
● 29 percent share data within functional groups or business units
● 21 percent share across business units within an organization
● 15 percent share data externally with key vendors/suppliers
● 14 percent share externally with partners outside their industry
“In today’s digital age, organizations are leveraging data from customers, partners and third party sources to build competitive advantage. A matured data-sharing model which is faster, seamless and secure is key in achieving better customer insights, faster decision making and streamlining of operations. This will help organizations leverage insights effectively and make it intrinsic to their organizational strategy,” said Pallab Deb, VP & Head – Data, Analytics & AI, Wipro Limited.
“While all the industries surveyed could profit from advanced data analytics, retail/CPG stands out as an industry that could reap huge benefits by implementing modern data sharing,” said Bob Muglia, Snowflake CEO. “Iconic brick and mortar brands such as Radio Shack and Toys ‘R’ Us have stumbled, but I am confident that other retailers can emerge successful by modernizing their data analytics with the most advanced technologies, such as the cloud-built data warehouse and modern data sharing to become more agile, innovative and customer-centric.”
Harvard Business Review Analytic Services surveyed 729 global business leaders across industries for the report. Industries surveyed were across sectors such as financial services, healthcare, manufacturing, retail/CPG, and technology. The survey found that, across categories, only a 5% of enterprises were truly data-driven. Additionally, in a sign that does not bode well for the start of the holiday season, retail/CPG had the lowest overall score for Digital Data Analytics Maturity.
A total of 729 respondents drawn from the HBR audience of readers (magazine/newsletter readers, customers, HBR.org users) completed the survey. The profile of the respondents included senior management, board members and middle managers from large companies primarily based in North and South America, Asia Pacific, Europe, Africa and Middle East. The key industry sectors included financial services, healthcare, technology, manufacturing, retail and consumer goods.