By Chuck Martin
Making better use of data can increase the profitability of an organization an average of $38 million, or about 13% of their total gross profit, according to a new study.
Most (91%) organizations believe that given the right data, their organization is in a strong position to compete and succeed, based on the report.
The study comprised a survey of 1,350 senior technology and business decision makers employed at organizations with at least 500 employees conducted by Enterprise Strategy Group for Splunk.
Nearly half (40%) of organizations are actively developing and evolving data strategies with 36% saying uncovering data is their organization’s most important technology priority.
A third (33%) of organizations say data and analytics can dramatically improve customer service and experience and 31% say it can dramatically improve sales and marketing.
U.S.-based organizations led all regions in terms of data maturity and those firms report the highest average annual investment in analytics technologies as percentage of their over technology spending.
