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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, 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 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.”