Data Capital – The Cornerstone for Modern Businesses’ Success

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Data Capital – The Cornerstone for Modern Businesses’ Success

The present-day data-powered business infrastructure and data protection elevate business success, reports Forrester Consulting

Data capital is the game-changer for the majority of business today, across all the sectors. Organizations with mature data capital practices are utilizing different data types. Simply put, the companies that have ushered in the proliferation of data achieved positive outcomes.  These were data points from a Forrester Consulting report, in participation with Dell EMC and Intel.

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The study titled, “Harness The Value Of Your Data Capital To Drive Business Success” was focused on evaluating the criticality of data and data analytics are for business success, through a survey of 516 global IT decision-makers in 2019.

More recently, it was found that more businesses are governing data adequately, managing data more securely, and upgrading their infrastructure for optimal performance. Data interpretation for identifying patterns, analytics, support various workflows, and activities help to transform it into capital (data capital) – an asset in the digital era. The modern analytics tools are focused on real-time analysis and Bigdata – which are utilized to design predictive algorithms. As long as a company aligns itself with the value that data provides, a capital mindset can attain long-term positive impacts on the business operations and ensure enhanced outcomes. And, this involves both – how they use data and invest in data technology.

Some of the principal findings from the report are:

  • A majority of the companies today are prioritizing data – than they did in the past and more for internet-of-things (IoT), customer data, and backup database.
  • About 56% of organizations reported that their management infrastructure and data storage curbs the ability to grow the value out of their data.
  • Companies with enhanced data practices are likely to witness 3X high levels of development on the key metrics – connected to sales and marketing. Also, they could see 2.7X more improvements in support of the organization’s workflows.
  • Enhancing data management and the use of data could get significant and positive results. It includes – about 39% of reduction in the incidents that comprise bad data and nearly 48% increase in employees, using data in their daily workstreams.

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According to Forrester, the companies that put less stress on data or data management should start focussing on getting the right data strategy and infrastructure in place in order to keep on amid the digital era. The report reads, “Over 50% of companies have made recent investments in data storage and management solutions…68% of leaders expressed high confidence in data quality and accuracy compared to just 33% of laggards.”

Clearly, data, as well as big data, if leveraged rightly, can attain enhanced outcomes in every aspect of a business.