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There are currently 40 trillion gigabytes of data out there – that’s more data than there are grains of sand on earth. And more is coming. Is it possible to derive actionable, profitable intelligence from this avalanche of information? To become a data-powered enterprise, rather than a data-battered one? We wanted to find out.
In the latest report from the Capgemini Research Institute – The data-powered enterprise: Why organizations must strengthen their data mastery – we surveyed 500 technology executives and 500 business executives, conducted detailed interviews with more than 15 executives and looked at the relationship between data mastery and the financial performance of organizations. We found that organizations still have some ground to cover when it comes to data-driven decision making and actioning, with only 39% successfully turning data-driven insights into a sustained competitive advantage. This may be because only 20% of business executives trust their data, often because it is of poor quality. The small minority that do, however, enjoy a significant performance advantage over the rest, seeing up to 22% higher profitability and 70% higher revenue per employee. These are the “Data Masters.”
Data Masters know how to use data to secure business outcomes. They are able to transform data and insights into actions because they have the necessary infrastructure, governance, and operations. Moreover, they know how to leverage external data and enhance their insights, to their considerable advantage.
It’s not enough just to have the data. You have to learn how to trust it and know how use it too. For more information on how your organization can become a Data Master, download the report.
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