Data-to-Everything Platform provider Splunk has added a free Data Maturity Calculator to its website to help organisations assess how well they are exploiting the value of data to achieve desired business outcomes.
This coincides with the publication of a study, carried out in association with Enterprise Strategy Group (ESG), which found that having an advanced strategy to use data better can boost profitability by 12.5%.
What Is Your Data Really Worth?, based on a survey of 1,350 senior business and IT decision-makers in Australia, China, France, Germany, Japan, the UK and the US, reveals that organisations with more advanced data strategies experience greater revenue growth, lower operational costs, increased innovation, faster time to market, higher customer retention, and better/faster decision-making.
The study groups businesses into three levels of data maturity based on their use of data:
*Data Deliberator: organisations in the early stages of a data strategy implementation;
*Data Adopter: organisations that are making good use of their data, but have room for improvement; and
*Data Innovators: organisations that place the strongest strategic emphasis on data and have an advanced strategy in place to extract business value.
Analysis shows that while all organisations benefit from better data use, the 11% of Data Innovators achieve considerably higher key business and economic benefits. For example, in the last 12 months, Data Innovators have added 83% more revenue to their topline and 66% more profit to their bottom line than Data Deliberators.