The most data-savvy companies are increasing profits by 9.5%, are 2.9 times more likely to beat the competition to market and are twice as likely to exceed financial expectations, according to new Splunk data.
“Data-driven innovation gives you a massive edge,” says Ammar Maraqa, chief strategy officer, Splunk. “Organizations that prioritize investments in collecting and using their data have full visibility into their digital systems and business performance, which makes it easier to adapt and respond to disruptions, security threats and changing market conditions.”
From Splunk:
- With an average increase of 9.5% in gross profits, data leaders report launching nine new products per year that wouldn’t be possible without their data innovation capabilities.
- In addition, data leaders are more resilient and quicker to identify and remediate security incidents by 11%.
- Data leaders are 5.7 times as likely to say their organization almost always makes better decisions than competitors. They are 4.5 times as likely to believe their organization is in a very strong position to compete and succeed in their markets over the next few years.
- Leaders have operationalized 38% more of their data assets while also deriving 2.3 times as much of their revenue via data monetization.
- However, the organizations that feel the most pressure are also having the most success: 67% of data innovation leaders report feeling a high degree of pressure vs. only 41% of intermediates and 15% of beginners.
- In the public sector, 20% spend more than a quarter of their IT budgets on solutions and staff that investigate, monitor, analyze and act on data — well above the 8% cross-industry average.
- In manufacturing, 54% apply data innovation to supply chain and operations use cases, compared to 45% of organizations across all industries.
- And, in retail, an above-average 10% are data innovation leaders, and retail organizations are more likely to report greater brand loyalty, customer lifetime value, revenue from data monetization, product innovation and a multitude of other data innovation-fueled outcomes.