Businesses capable of drawing actionable insights from the data they create are earning more money. That is the bottom line of a new global study published by Qlik.
Based on a poll of 1,200 business leaders, the report states that organisations capable of identifying, collecting, transforming and analysing data are able to make better business decisions, boosting both earnings and profit.
According to the report, the most significant challenges when it comes to managing vast quantities of business data surround "leaky" data pipelines.
Businesses with strong data pipelines report improved operational efficiency, an average revenue increase of 21 percent and an average profit increase of 22 percent.
The vast majority of businesses with the best analytics pipelines are also those with the highest decision-making scores, as well as the most favourable business outcomes.
“Even in these challenging economic times, CEOs at major enterprises are continuing to invest in their data pipelines to close the gaps and enable their organizations with more high quality and valuable data for decisions,” said Dan Vesset, Group Vice President, Analytics and Information Management at IDC.
“These leaders are increasing their enterprise intelligence quotient by automating the data preparation cycle through technology, giving employees the vital tools and time needed to analyse data for impactful insights that create real business value.”