63% of all the data organizations possess is dark data, and deciphering this data will enable businesses to leverage and monetize the insights.
A Splunk study has found that by making better use of data, leading organizations surveyed had materially increased revenue and reduced operational costs, boosting profitability by an average of $38.2 million, or about 12.5% of their total gross profit.
To succeed in today’s data-driven world, companies need to start investing in analytics-driven initiatives, empower leaders to have a clear data strategy and change company culture to put data at the fore, as well as make analytics tool easily accessible to broad range of employees.
Some key finding pertaining to Asia Pacific include the following observations:
- Across the Asia Pacific region, there is a strong emphasis on customer experience, with the region outperforming global respondents in terms of data and analytics being an enabler of improving customer experience (CX). Companies surveyed described their company culture as being “customer-obsessed” rather than “data obsessed”.
- Chinese companies demonstrate the highest level of data maturity across APAC companies surveyed. In addition, Chinese companies have cited the need for better dark data understanding as the most important business and IT priority over the next 24 months.
- Japan has the highest number of businesses that require all business decisions to be validated by quantitative data across the region.
- Australian organizations were most likely to report improved time to market or manufacturing time as a result of better data utilization.