Report: Mature Data Innovation Practices Increase Gross Profits by 9.5%

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Splunk’s 2023 Economic Impact of Data Innovation Report, in collaboration with the Enterprise Strategy Group, quantifies the economic benefits of mature data practices. The report finds that organizations that prioritize their investments in collecting and using their data for innovation are more profitable, competitive, and resilient to threats and challenges. This research is particularly timely as leaders assess how to position their organizations to deal with market disruptions and rapidly changing customer expectations.

The report found that organizations with a fully mature data innovation practice increase their gross profit by 9.5% on average and exceed financial expectations., exceeding their revenue goals twice as much as data newbies. Innovation and data efficiency are also imperative to meet customer demand and stay competitive in today’s rapidly changing digital environment.

When it comes to the timing of new product launches, 83% of leaders say they are generally ahead of competitors and peers, compared to just 29% of newbies, and are 2.9 times more likely to say that they usually beat their competitors in the market.

Data leaders are also launching more new products: nine products per year that would not have been possible without their data innovation capabilities, compared to an average of three new products per year for data newbies.

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Data leaders are also better at managing supply chain issues. The report found that 73% of organizations that used data to innovate around supply chain challenges reduced supply chain disruptions, compared to just 51% of data entry-level organizations. And on average, data leaders have reduced supply chain costs by 6.1% over the past year, compared to 2.4% for data newbies.

Security is fundamentally a data problem, so it’s no surprise that the report also found that data innovators are 11% more effective than data newbies in resolving application performance issues resulting of a security issue.

Methodology

Splunk, in partnership with the Enterprise Strategy Group, surveyed 2,000 IT, security and business leaders across nine countries and seven industries.

Read it full report by Splunk.

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