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Data is the main differentiator for companies struggling with the pandemic

data woman
(Image credit: Future)

If businesses are able to build the right operating environment and the proper incentives to create a data-centric culture (opens in new tab), they are likely to better handle the challenges presented by the Covid-19 pandemic.

This is according to a new report from Accenture, which claims that businesses across a range of sectors have had to delay significant projects during the pandemic, which could have been avoided with smarter data strategies.

Polling more than 700 senior executives all over the world for the report, Accenture found that 24 percent of factory owner-operators and 14 percent of engineering and construction firms (EPCs) outperformed industry peers thanks to their data-sharing infrastructure and capabilities, data-centric talent (opens in new tab) and incentive-based contracts.

Other organizations that adopt these practices can drive an additional 6.6 percent return on capital investment (for owner-operators) and grow operating margins by an additional 5.8 percent (for EPCs), the report states.

“Data-driven insights play an integral role in creating digital solutions like digital twins,” said Andy Webster, Global Lead for Capital Projects, Accenture Industry X. “Generating, applying and collaborating on these insights are crucial to enabling greater value in productivity, efficiency, workforce safety and material wastage.”

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.