Wipro and Snowflake Computing, announced the results of a Harvard Business Review Analytic Services study: ‘An Inflection Point for the Data-Driven Enterprise’. The study reveals significant gaps between what enterprises want to implement and what they have actually accomplished with modern data sharing and advanced analytics.
Only 5 percent of survey respondents believe that their organizations are very effective at implementing modern data sharing, while 67 percent want to move towards that approach. With modern data sharing, data doesn’t physically move. Instead, data is shared in a secure and governed way in real time by easily creating access to read-only copies of the data between any combination of organizations consisting of ‘data providers’ and ‘data consumers’. This creates unlimited opportunities for organizations to integrate shared data with their own data, for the deepest insights possible, previously unavailable to them.
The organizations that use traditional methods endure high costs, lengthy delays and avoidable risks only to share static copies of stale data. This limits how and with whom they can share data:
- 29 percent share data within functional groups or business units
- 21 percent share across business units within an organization
- 15 percent share data externally with key vendors/suppliers
- 14 percent share externally with partners outside their industry
Pallab Deb, Vice President & Head – Data, Analytics & AI, Wipro Limited said, “In today’s digital age, organizations are leveraging data from customers, partners and third party sources to build competitive advantage. A matured data-sharing model which is faster, seamless and secure is key in achieving better customer insights, faster decision making and streamlining of operations. This will help organizations leverage insights effectively and make it intrinsic to their organizational strategy.”
“While all the industries surveyed could profit from advanced data analytics, retail/CPG stands out as an industry that could reap huge benefits by implementing modern data sharing,” said Bob Muglia, Snowflake CEO. “Iconic brick and mortar brands such as Radio Shack and Toys ‘R’ Us have stumbled, but I am confident that other retailers can emerge successful by modernizing their data analytics with the most advanced technologies, such as the cloud-built data warehouse and modern data sharing to become more agile, innovative and customer-centric.”
Harvard Business Review Analytic Services surveyed 729 global business leaders across industries for the report, which was jointly commissioned by Snowflake Computing, the only data warehouse built for the cloud, Wipro Limited, a leading global information technology, consulting and business process services company, and MicroStrategy, a worldwide leader in enterprise analytics and mobility software. Industries surveyed were across sectors such as financial services, healthcare, manufacturing, retail/CPG, and technology. The survey found that, across categories, only a 5% of enterprises were truly data-driven. Additionally, in a sign that does not bode well for the start of the holiday season, retail/CPG had the lowest overall score for Digital Data Analytics Maturity.
A total of 729 respondents drawn from the HBR audience of readers (magazine/newsletter readers, customers, HBR.org users) completed the survey. The profile of the respondents included senior management, board members and middle managers from large companies primarily based in North and South America, Asia Pacific, Europe, Africa and Middle East. The key industry sectors included financial services, healthcare, technology, manufacturing, retail and consumer goods.