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Splunk’s Economic Impact of Data Innovation 2023 Report, in collaboration with the Enterprise Strategy Group, quantifies the economic benefits of mature data practices. The report reveals that organizations that prioritize their investment in collecting and using their data for innovation are more profitable, competitive and resilient to threats and challenges. This research is especially timely as leaders assess how to position their organizations to keep up with market disruptions and fast-evolving customer expectations.
The report uncovered that organizations with a fully mature data innovation practice increase their gross profit by an average of 9.5% and exceed financial expectations, overshooting their earnings targets at twice the rate of data beginners. Data innovation and efficiency are also imperative for keeping up with customer demand and remaining competitive in today’s fast-moving, digital environment.
With respect to the timing of new product launches, 83% of leaders say they’re usually ahead of competitors and peers, compared to only 29% of beginners, and are 2.9 times as likely to report that they usually beat competitors to market.
Data leaders launch more new products, too: nine products per year that wouldn’t have been possible without their data innovation capabilities, compared to data beginners’ average of three new products per year.
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Data leaders are also better at managing supply chain problems. The report found that 73% of organizations that used data to innovate around supply chain challenges reduced supply chain disruptions, compared to only 51% of data beginner-level organizations. And on average, data leaders trimmed supply chain costs by 6.1% in the last year, compared to the 2.4% seen by data beginners.
Security is fundamentally a data problem, so it’s no surprise the report also found that data innovation leaders are 11% more efficient than data beginners at resolving application performance problems stemming from a security issue.
Splunk, in partnership with the Enterprise Strategy Group, surveyed 2,000 IT, security and business leaders across nine countries and seven industries.
Read the full report from Splunk.