“Data is a precious thing and will last longer than the systems themselves.”
– Tim Berners-Lee, father of the World Wide Web (WWW)
Data that provides information such as the number of clients a business has, list of active clients as well as the value of each of those clients to the business and other details is valuable for any business, as it can be used to measure/record both internal and external activities of the business. A business can use the service of a data entry company to manage data and focus on their core tasks. Data inflow is considerable in any business setting, especially in this age of Big Data. But is this huge volume of data being used effectively? A recent SnapLogic study says “No”. According to “The 2018 Data Value Report”, a new study published by SnapLogic, with better data management, organizations can expect to increase their annual revenue by an average of $5.2 million. Conducted by an independent research firm Vanson Bourne, this report finds Customer data (69%), IT data (50%) and Internal financial data (40%) as three types of data that are most valuable to businesses, and organizations are using only half (51%) of the data they collect or generate, and data drives less than half (48%) of decisions.
To understand businesses’ data priorities, investment plans, and to learn what’s holding them back from getting maximum value from their data initiatives, this study surveyed 500 IT decision makers in the US and UK.
The survey reveals that even though enterprises plan to invest an average $1.7 million in preparing, analyzing, and operationalizing data over the next five years – which is more than double what they are spending today – they are still far from achieving their data-driven ambitions. Other key findings of this report include:
- 74% or three quarters of respondents agree that their organization has more data than ever but is struggling to use it to help generate useful business insights.
- Only 29% of respondents have complete trust in their organizations’ data when it comes to making business-critical decisions.
- Four in five (80%) organizations said that legacy technology is holding back from taking advantage of data-driven opportunities.
- Artificial Intelligence (AI) and machine learning hold great promise, with 83% having invested or planning to invest in these technologies to accelerate their data initiatives. According to majority of respondents, AI and machine learning will help their organization automate data analysis (82%), data preparation (73%), software development (66%), and application integration (63%).
- Respondents spent 20% of their time working on getting data ready to use. The report recommends automated data entry as an ideal option, as manual processes can cost companies time and resources.
- 80 percent of those surveyed report that outdated technology holds their organization back from taking advantage of new data-driven opportunities.
- Trust and quality issues slow progress, with only 29 percent of respondents having complete trust in the quality of their organization’s data.
- While 98% of respondents reported that their organizations are planning for, or are in the process of digital transformation, only 4% are ahead of schedule.
The ability to analyze and act on data is getting increasingly important to businesses. This study predicts that if organizations get their data utilization right, they can expect to see an impressive 547% return on their data investment. For data management, firms can consider data entry outsourcing provided by professional companies.