In unpredictable times, a data approach is essential

A global survey of 357 business executives, led by MIT Technology Review Insights and Amazon Web Services, showed that organizations of all sizes and across the industry understand how important it can be. judged on the data. More importantly, they know that a supportive and successful data strategy cannot be left to chance.

The amount of data is in the front and center

The past year and a half has devastated businesses across the industry, largely due to the pandemic. The initial closure in March 2020 means many companies will have to open up dyes to arrange for a remote worker while also keeping abreast of wild changes in vendor behavior and market demand.

The good news is that, even during the pre -crisis crisis, many organizations continue to grow. In fact, nearly half of survey respondents (45%) identified their companies as “thrivers,” saying they had boosted business growth in the past 18 months.

However, not surprisingly after a challenging period, many other organizations can do more than just keep going or try to hang on: the remaining 55% of those surveyed are able to continue their efforts, continuing to their usual level of business, or no silence.

However, whether organizations are thriving, sustainable, or just surviving, there is no doubt that the power of data is in mind for all businesses that aspire to succeed. In today’s digital world, companies collect or have access to a lot of data. Thanks to technologies such as cloud computing, analytics, and artificial intelligence (AI), they can also store, process, analyze, and put this wealth of data available, in a meaningful way, to improve the outcome of business.

As a result, there are many possibilities to derive business value from multiple data sets. According to the survey, the most common amount companies expect to take advantage of is the wiser decision -making (79%). They also want to better understand their customers and industry trends (61%), provide better services and products (42%), and implement more efficient internal operations (33%).

Companies also learn important lessons about the importance of data as they struggle to stay competitive during a pandemic. Nearly four out of 10 survey respondents, for example, reported that they had to look at multiple data sources, including demographic, geospatial, and competitor information. More than a third (37%) explore machine learning and analysis-technologies needed to extract critical insights from their data. And 34% need help working on a lot of the data they collect and process.

For Thermo Fisher Scientific, a U.S. biotechnology company with more than 80,000 employees in 50 countries, which is advancing today’s life sciences competition in terms of helping customers facilitate research, solve complex analytical challenges, improve patient diagnostics, and increase laboratory productivity. Through an innovative and robust platform where researchers and scientists can collaborate, conduct research, and improve medical treatments, “we help our customers stay healthy, clean, and safe. world, ”said Mikael Graindorge, senior manager of commercial analytics and vision at Thermo Fisher. The company wants to provide the best possible service and products as well as the best way for customers to effectively complete their scientific research, he explained. “But to do this, we need more data, which means more complexity, so we need to expand our investment in data science to keep changing for our customers.”

Basic data strategy

Nowadays, data can be driven by the reach of every organization, said Ishit Vachhrajani, enterprise strategist at cloud provider Amazon Web Services. But it doesn’t happen overnight: having a good data strategy, he says, is essential to support better decision -making and drive growth.

“Data strategy stakes the table in today’s world,” Vachhrajani said. “You can see the distance between companies that move fast and drive change on the journey towards a successful data strategy compared to companies that are behind.”

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