New Research: Organizations with Mature Data Practices Innovate Twice as Fast
September 14 2021 - 8:00AM
Business Wire
Global study demonstrates data maturity
accelerates innovation, productivity, and wallet share
Splunk Inc. (NASDAQ: SPLK), provider of the Data-to-Everything
Platform, today unveiled its State of Data Innovation report, which
reveals a remarkable achievement gap between organizations with
mature data practices versus data-innovation beginners. On average,
data innovators release twice as many products and increase
employee productivity at double the rate of organizations with less
mature data strategies.
The report, built using research conducted by Enterprise
Strategy Group and directed by Splunk, surveyed 1,250 global
business and IT managers from Australia, Canada, China, France,
Germany, Japan, New Zealand, Netherlands, UK, and the U.S.
“In today’s world, data is a strategic asset helping
organizations not just survive, but thrive,” said Doug Merritt,
President and CEO, Splunk. “Our current era of innovation is
propelled by those who are doing more than just storing and
managing data. Organizations that have invested in placing data at
the core of their operations are twice as innovative and twice as
productive as those that aren’t.”
Data Innovators Are Reaping Real Business Benefits
Simply put, data maturity is an accelerator. In today’s digital
landscape, businesses not only need a complete view of their data,
but the ability to act upon their data quickly. Those who have
invested heavily in data and met the criteria for a mature data
approach are seeing great rewards, including:
- Innovating at double the rate of beginner-level
organizations
- Entering new markets and increasing customer wallet
share at nearly twice the rate of data beginners
- Increased employee productivity by 16% in the past year,
nearly double the increase of beginner-level innovators (9%).
- Being nearly twice as likely (66% versus 36%) to be directly
monetizing their data.
Some Industries Are More Data-Driven Than Others
The study quantifies data innovation across industries as well,
including:
- 50% of manufacturers applying data innovation to improve
materials yields report a significant or game-changing impact.
- Over 50% of retailers using data innovation to optimize
inventory or personalize offers, product recommendations and
customer service report a significant or game-changing impact.
- 75% of healthcare orgs prioritize investments in
data-innovation platforms (versus point tools).
- 61% of financial services firms are impacting product/service
development with data innovation, the highest percentage of all
industries surveyed.
- 67% of government agencies are data innovation
“beginners”.
Some Countries Are More Data-Driven Than Others
Approaches to data innovation also varied across regions. Below
are key regional findings:
- 69% of North American organizations tend to prioritize
investments in data-innovation platforms (versus point tools),
slightly more than in Europe (67%), and notably ahead of APAC
(58%).
- 33% of APAC organizations rate better data utilization as their
top business and IT priority for the next 24 months, a
significantly higher proportion relative to both North America
(21%) and Europe (17%).
- 54% of APAC organizations are using observability to improve
how they innovate with their data, outpacing North America and
Europe (both 42%).
- On average, 12% of IT budgets at European companies are
allocated to solutions and staff that investigate, monitor, analyze
and act on data, trailing North America and APAC (both 14%).
- European organizations were the least likely to report hiring a
chief innovation officer to drive initiatives (64%, versus 72% in
North America and 75% in APAC).
“In the past year and a half, in the midst of a global pandemic,
the value of data-driven innovation and digital transformation has
only been catalyzed,” said Adam Demattia, Director, Customer
Research, ESG. “Organizations that have been most capable of
adapting and accelerating their business amid such uncertainty are
those that have undoubtedly invested in performance management,
observability and data-first technologies.”
To further explore the State of Data Innovation, and download
the full report, please visit our website.
About Splunk Inc.
Splunk Inc. (NASDAQ: SPLK) turns data into doing with the
Data-to-Everything Platform. Splunk technology is designed to
investigate, monitor, analyze and act on data at any scale.
Splunk, Splunk>, Data-to-Everything, D2E and Turn Data Into
Doing are trademarks and registered trademarks of Splunk Inc. in
the United States and other countries. All other brand names,
product names, or trademarks belong to their respective owners. ©
2021 Splunk Inc. All rights reserved.
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Media Contact Nicole Greggs Splunk Inc.
press@splunk.com
Investor Contact Ken Tinsley Splunk Inc.
ir@splunk.com
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