Although the effective use of data can go a long way to improving customer experience, only a minority of businesses are managing to achieve their data goals, new research shows.
A report from database company DataStax states that, while almost all (96%) enterprises have a formal data strategy in place, just 38% claim they are able to use data to deliver additional value for customers.
Based on a poll of 500 US executives, the report shows an overlap between the businesses able to deploy their data most effectively and those that embrace the open source ecosystem. According to DataStax, 71% of data leaders consider a robust OSS data stack a major competitive advantage.
The report also demonstrates the importance of assigning accountability for data strategy to specific members of the business. Doing so is said to triple the likelihood of data and analytics projects boosting revenue by 20% or more.
“Organizations undoubtedly understand the importance of data, but according to our research, many of them are still looking for ways to transform into truly data-driven enterprises. Those that already have, are winning,” said Bryan Kirschner, VP Strategy at DataStax.
“Organizations that make smart investments in the right data stack, open source technology and hybrid cloud have the opportunity to change their trajectory and find new paths to innovation and revenue growth.”