This simple denominator sums up the results of a recent global survey of professionals and executives commissioned by Splunk. The survey, entitled “The Economic Impact of Data Innovation 2023”, is based on the realisation that every company today faces the essential challenge of meeting customer needs and expectations in an increasingly competitive market with ever more complex technologies. The precise and timely analysis of an ever-increasing mass of available data is thus increasingly becoming a problem for which there must be a solution.
Data Innovation: Data analysis as the basis for new business processes
The study focused on the term “data innovation”. The market researchers defined it as “the design and implementation of new or fundamental changes to existing business processes through the use of new methods of data analysis and the use of new data sources to which the company did not previously have access”.
Based on this definition, three types of enterprises were then classified:
• Beginners
• Intermediates
• Leaders
These were in turn assessed in terms of their data innovation maturity according to six criteria:
• Data classification
• Data aggregation
• Data quality
• Data analysis competence
• Data analysis tools
• Data monitoring
The most important results
The most important result first: The Data Innovation Leaders achieve a 9.5 % higher gross profit! Further results of the “Leaders” compared to the “Intermediates” and “Beginners”:
• 95% of forerunners said they had improved the speed of application development (compared to 76% of beginners).
• 95% of forerunners have increased developer efficiency (versus 71% for beginners).
• 95% of forerunners have improved application functionality (76% for beginners).
• 93% of forerunners achieved a boost in application performance (versus 78% for beginners).
According to the survey authors, this had a direct impact on customer relations. The result was:
• higher brand loyalty (48% of trailblazers versus 30% of beginners),
• a higher Customer Lifetime Value (49% vs. 30%),
• higher customer satisfaction (53% vs. 43%),
• a higher recommendation rate (45% vs. 22%).
“Data is the fuel of the 21st century. The results of the Splunk survey underline this thesis once again,” explains Frank Jahn, CEO and CSO at amasol. “But only those who are able to draw the full potential from the available data and tap into huge amounts of data from a wide variety of sources will also be able to tap into this treasure that is now hidden in every company. Data classification and aggregation and their analysis with the right methods and tools are the key to success.”
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