Data-centric businesses are far more likely to succeed than competitors who don’t place data at the centre of their vision, according to a new report from data intelligence company Collibra.
Polling 900 global business analysts, Collibra found a data-centric strategy gives businesses a “differentiated competitive advantage”, allowing them to better mitigate costs and risk, grow their revenue and enhance their customer experience.
While most companies said they understood the value of data and use it to make better informed decisions, the report states that many businesses aren’t consistent in that respect.
For almost nine in ten (84 percent), it’s very important (if not critical) to have data at the very core of their business strategy. However, half (43 percent) fail to routinely use data to guide business decisions.
Examining the advantages data-centric businesses enjoy over their competitors, the report claims intelligent data strategies can result in an eight percent increase in customer trust, a significant opportunity for revenue growth, as well as a far superior ability to comply with regulations.
Businesses that adopt data intelligence were also 58 percent more likely to meet and exceed their revenue goals, according to Collibra.
“To lead with data, companies need to advance how they discover, organise, collaborate with, and execute on the data they have,” said Felix Van de Maele, Co-founder and CEO of Collibra.
“Companies also must optimize how data analysts spend their time and automate rote tasks with data management technology. By freeing analysts up to spend more time on value-added tasks, organizations can decrease time to insight and accelerate trusted business outcomes.”