Why Becoming Data Driven Is Much More Important Today Than Ever Before
The COVID-19 pandemic has made organizations realize the value of data in staying resilient and innovative in a crisis. It has also highlighted the strong relation between data-driven insights and the ability to adapt.
A majority of EMEA organizations admit that the digital future will bring uncertainty, volatility, and even unexpected opportunities. According to IDC’s research, 55% of organizations are prioritizing the reduction of business risks and are transforming operational models to prepare for future disruptions.
Status Quo Is Not Good Enough
EMEA organizations are under pressure to become data driven, adapt to market uncertainties, and drive innovation.
Companies that are more data driven are better able to withstand volatile, uncertain, complex, and ambiguous (VUCA) scenarios. This was shown in IDC’s EMEA Data-Driven Intelligence Enterprise Survey, 2021, with 80% of organizations that used data more strategically and extensively able to increase their profits, compared with only 48% of organizations that were less data driven.
The digital world is dynamic and supply chains, customer behavior, regulations, and market forces are changing rapidly. Having real-time insights is vital for survival. The survey highlighted how EMEA organizations see real-time analytics and better data searching as more essential than traditional data warehouses when it comes to being data driven.
Only data-driven insights can help companies answer key business questions:
- How can I improve visibility on operations and the supply chain?
- How can I quickly pivot to new partners in the event of disruption?
- How can I get more insights into changing customer behavior?
The good news is that almost every EMEA organization we surveyed sees data and analytics investment as critical for innovation, business growth, and efficiency.
But the journey has only just begun.