Report: Data-savvy Organizations Are More Profitable, Resilient and Innovative
October 04 2022 - 8:00AM
Business Wire
New Global Survey Shows Data Leaders Boost
Resiliency to Threats and Increase Gross Profits by Nearly
10%
Splunk Inc. (NASDAQ: SPLK), the data platform leader for
security and observability, in collaboration with the Enterprise
Strategy Group, today released the Economic Impact of Data
Innovation 2023, a global research report that quantifies the
economic benefits of mature data practices. The report reveals the
most data-savvy companies are increasing profits by 9.5%, are 2.9
times more likely to beat the competition to market, and are twice
as likely to exceed financial expectations.
“A strong data foundation is essential to staying ahead of the
curve–and we are proud of our proactive approach to extracting
innovative value from our data,” said Mike Hughes, CISO of REI.
“Our data visibility bolsters efficiency, competitiveness and
resilience against an advanced threat landscape and macro
challenges. Splunk is a critical element of our overall strategy to
ensure we can scale and deliver the best experience for our
customers.”
The research report defines leaders as organizations that have
achieved excellence in the six key areas of data classification,
aggregation, quality, analysis skills, analysis tools and
monitoring. Key findings include:
- Data leaders experience increased profits and
innovation. With an average increase of 9.5% in gross profits,
data leaders report launching nine new products per year that
wouldn’t be possible without their data innovation capabilities,
compared to the beginner's average of three new products per year.
They are also more likely to report that applying data innovation
to sales, marketing and customer service/support has contributed to
increasing customer lifetime value (49%, versus 30% of beginners).
In addition, data leaders are more resilient and quicker to
identify and remediate security incidents by 11%.
- Data leaders beat out their competition. Data leaders
are 5.7 times as likely to say their organization almost always
makes better decisions than competitors. They are 4.5 times as
likely to believe their organization is in a very strong position
to compete and succeed in their markets over the next few
years.
- Data leaders are proactively operationalizing and monetizing
their data. Leaders are also more likely to say that their data
monetization streams are additive and grow faster. They have
operationalized 38% more of their data assets while also deriving
2.3 times as much of their revenue via data monetization.
Virtually every organization is under pressure to keep up with
the rapid rate at which data is growing. However, the organizations
that feel the most pressure are also having the most success: 67%
of data innovation leaders report feeling a high degree of pressure
versus only 41% of intermediates and 15% of beginners.
“Data-driven innovation gives you a massive edge,” said Ammar
Maraqa, Chief Strategy Officer, Splunk. “Organizations that
prioritize investments in collecting and using their data have full
visibility into their digital systems and business performance,
which makes it easier to adapt and respond to disruptions, security
threats and changing market conditions.”
Data Leaders Innovate Across Industries
Across every industry, data provides an opportunity to increase
profit and improve performance, with unique challenges and
outcomes. The industry-focused addendum to the report highlights
these vital areas. Key findings include:
- Public sector: 20% spend more than a quarter of their IT
budgets on solutions and staff that investigate, monitor, analyze
and act on data — well above the 8% cross-industry average.
- Financial services: 79% have adopted AI/ML for data
innovation, versus 67% overall.
- Healthcare: While 9% of surveyed organizations are among
the most mature group of data innovators, 11% of healthcare and
life sciences organizations achieved leader status.
- Manufacturing: 54% apply data innovation to supply chain
and operations use cases, compared to 45% of organizations across
all industries.
- Retail: An above-average 10% are data innovation
leaders, and retail organizations are more likely to report greater
brand loyalty, customer lifetime value, revenue from data
monetization, product innovation and a multitude of other data
innovation-fueled outcomes.
For additional insights and recommendations from the Economic
Impact of Data Innovation 2023, please visit the Splunk website to
download the report. Organizations can also assess their status —
and potential — in their own data innovation journey by visiting
the Splunk Data Maturity Calculator.
Methodology
The global survey was conducted from May through June 2022 in
partnership with the Enterprise Strategy Group. The 2,000 IT,
security and business leaders were drawn from nine countries
including Australia, France, Germany, India, Japan, New Zealand,
Singapore, United Kingdom and United States.
About Splunk Inc.
Splunk Inc. (NASDAQ: SPLK) helps organizations around the world
turn data into doing. Splunk technology is designed to investigate,
monitor, analyze and act on data at any scale.
Splunk, Splunk>, Data-to-Everything 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. © 2022
Splunk Inc. All rights reserved.
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Media Contact Gabrielle Jasinski Splunk Inc.
press@splunk.com
Investor Contact Ken Tinsley Splunk Inc.
ir@splunk.com
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