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How CIOs are using data-driven insights for growth – survey report by Digital Realty

data-driven insights

Data is a valuable commodity. It’s what organizations use to make informed decisions, and it’s what businesses rely on to unlock trapped value. As businesses strive to create value in an era of digital transformation, a large amount of value is often trapped in silos and inaccessible due to the way data is stored and used. Unlocking this trapped value is essential for businesses looking to create new opportunities and stay ahead of the competition. In this blog post, we look at some of the ways businesses are using data-driven insights for their growth. We also explore some of the challenges businesses face when it comes to data management and analytics.  

Digital Realty recently published a global data insights survey which throws light on how data is becoming the critical agenda topic for all businesses. It says that by thinking data-first, businesses can transform insights into intelligence to outpace competitors in a digitized world. Some of the key findings of the report are discussed below. 

Data is becoming pervasive 

Data is hardly ever absent in the modern world. It’s generated by practically everything we do; from the posts, we make on social media to the items we purchase online. This megatrend has spawned a new industry and profession, data scientists – whose job it is to make sense of it all. 

According to the survey, 44% of companies with over $1billion in revenue plan to keep data decentralized for faster, low-cost processing and increased proximity to users and devices.  25% of companies organize their data in a centralized manner in contrast to data distribution growth while 23% of the surveyed companies prefer a decentralized approach consistent with data distribution growth. Businesses are choosing to implement hybrid IT models to address data performance, cost and security as data sovereignty and regulations increase the requirements for data localization. 

Data is becoming the business agenda 

Data is rapidly becoming the top priority for businesses everywhere. In today’s age, data plays a vital role in shaping business decisions and strategies. As such, more and more businesses are collecting data and using it to decide their actions. This data-driven approach is resulting in better outcomes for companies across a wide range of industries. Analyzing the data and implementing the insights for better customer experience and business growth are expected to increase the IT budgets of most organizations. 

Strategic outcomes organizations expect from data-driven insights

Strategic outcomes organizations expect from data-driven insights 

As per the survey, most APAC, EMEA and North American organizations are using their data-driven insights primarily to improve customer experience and satisfaction while LATAM is majorly focusing to use the insights to drive growth. Over one-third of the companies across these regions are prioritizing the data insights for enabling data location strategy and increasing the innovation speed. 

Data aggregation and control 

Data aggregation and control are essential for efficient data management. Effectively leveraging data allows for greater understanding and insights, which can then be used to inform decisions and take action. A distributed data architecture and a good amount of investment are required for getting insights from localized data quickly and in a compliant manner. 

Reports say that privacy regulations, reluctant customers and lack of investments act as blockers to drive the data-driven business agenda. It is expected that by 2024, more than 70% of organizations will deploy multiple data hubs for driving mission-critical data analytics, sharing and governance. 

Obstacles for drawing data insights

Obstacles to drawing data insights 

Most companies believe that unlocking insights from data trapped in silos require investments. Organizations with multiregional presence are facing regulatory challenges. According to the survey by Digital Realty, companies in APAC, EMEA, and North America have identified data sharing with partner ecosystems as an area that needs investment. 

Increasing data gravity 

Data is becoming increasingly localized. This trend is being driven by several factors, including the rise of cloud computing and the ever-growing abundance of data. As more and more data is generated and stored locally, it is becoming easier and faster to access and use. This has benefits for both individuals and businesses alike, as it can help to improve efficiency and decision-making. 

According to the survey, 62% of companies with over $1billion in revenue have over 50 locations/colocation sites. 97% of these have at least 21 locations and 93% will add new business points of presence in the next 2 years. 

additional points of presence to deploy IT infrastructure in the next 2 years

Additional points of presence to deploy IT infrastructure in the next 2 years 

Distributed data growth will continue as data pervasiveness is becoming a digital reality. Survey reports indicate that companies across all regions will add more locations in the next 2 years for improving revenue growth and profits. 

Data-first strategies for success 

Data should always be the first consideration in any strategy or plan. By 2024, organizations will be leveraging Artificial Intelligence/Machine Learning technology, upskilling data capabilities and improving data infrastructure for unlocking value from data. 

Critical factors for companies that will enable more data-driven insights in the next 2 years

Critical factors for companies that will enable more data-driven insights in the next 2 years 

Survey reports indicate that almost two-thirds of the global companies consider investing in analytics capabilities as a top priority for getting data insights. Over 70% of companies want to improve their data infrastructure for secure exchange, aggregation, and control. The majority of the larger companies are focusing on skillset development and executive awareness. 

The big data revolution has already happened, and businesses are starting to realize the value of data in making informed decisions. However, there is still a lot of trapped value that needs to be unlocked. This can be done by using modern analysis techniques to get more value from the data that’s currently available. By doing this, businesses can drive growth and stay ahead of the competition. 

Image and source credits: Digital Realty 

Read next: How can marketers formulate future-focused strategies for brand awareness and customer acquisition?

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