For a long time we have heard about the importance of data for companies, regardless of their size. And it is that, as is known, the management and analysis of data will allow decisions to be made, which affect the business, based on knowledge, so risks are reduced. Its importance is such that, according to a survey carried out at European level by the technology consultancy Devoteam together with IDC, the 73% of Spanish CIOs invest up to 50% of their IT budget in data analysis.
The objective of the survey was to know the degree of maturity of the companies, as well as the importance that the data has for them. According to the classification, the company has considered the following three degrees of maturity:
- Data Beginner: Companies that make limited use of data, their strategy is not data-driven at all, except for a few projects launched autonomously, and the environment in which they operate is not yet technically adapted.
- Data Explorer: Companies that use data on a larger scale, are aware of its benefits, but are not prepared to monetize the data or actively use it for the innovation of new products and services.
- Data Thriver: companies with a holistic approach to data. They spend a significant portion of their IT budget continually adapting their infrastructures and processes to provide the key metrics needed for rapid strategic decision making.
The Devoteam report ensures that 73% of Spanish CIOs invest up to 50% of their IT budget in data analysis
According to data from the survey carried out by Devoteam, Spanish companies are already making use of the data. In fact, 45.17% confirm that they use data for decision making, specifically, 47.14% recognize that between a third and a half of business decisions are based on data, while 41.43 % affirm that it is more than half.
Improve and optimize processes, and innovate products and services: uses of data
Today’s corporate strategies are mostly based on data, but what are they pursuing with it? 37.14% try to improve and optimize processes and operations, while another 34.29% use them to improve and innovate in products, services or programs. Avoiding or preventing fraud and managing risk is, for 32.8%, the most relevant in terms of data use.
But it does not stop there, since the data can help all areas of the company. For example, 20% look for work processes within the Human Resources area.
A future ‘data-driven’ through employee training and the correct use of data
What is clear is that the data is here to stay, so much so that, according to the survey, within the next two years, 72.86% of companies will commit to training their current workforce in new disciplines technology, to meet internal demands and external customers. This percentage places Spain in second position with respect to the rest of the countries surveyed, with Portuguese companies being the ones that will invest the most in internal development. Meanwhile, the rest decide to hire or choose a suitable technology partner to guide and help them towards the goal of being a data-driven company.
But becoming a data-driven company goes much further, because after having a well-trained workforce, it is important to know the best way to analyze the data in order to make the most appropriate decisions. For this reason, other strategies that companies follow is to put into practice good data governance, privacy and regulatory compliance (45.17%); integrate AI into business processes (44.29%); o Automate data and AI to be more predictive (30%).
George is Digismak’s reported cum editor with 13 years of experience in Journalism