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Data and the digital economy are fast creating new business challenges

Challenge 4

Data-Heavy World

Data and digitalisation are transforming businesses across the value chain – from design and inception through to manufacturing and distribution.

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Large businesses are the most likely to recognise the commercial advantage that data provides.

79% of organisations with 250+ employees agree that ‘data is key to being able to make the best commercial decisions’, followed by 73% and 71% of of medium-sized and small firms respectively.

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Regardless of company size, ‘future ready’ businesses are even more likely to understand the commercial value of data.

Small FRBs in particular are much more likely than small businesses overall (88% vs. 71% of firms respectively) to recognise the benefits of using data to make commercial decisions. Those who underestimate the value of data in this regard are in danger of quickly falling behind.

Base: Q58. 1,813 (All respondents)

Large businesses are the most likely to recognise the commercial advantage that data provides.

79% of organisations with 250+ employees agree that ‘data is key to being able to make the best commercial decisions’, followed by 73% and 71% of of medium-sized and small firms respectively.

Regardless of company size, ‘future ready’ businesses are even more likely to understand the commercial value of data.

Small FRBs in particular are much more likely than small businesses overall (88% vs. 71% of firms respectively) to recognise the benefits of using data to make commercial decisions. Those who underestimate the value of data in this regard are in danger of quickly falling behind.

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Untapping commercial potential

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Although many businesses recognise the commercial benefits data provides, most of the data they currently collect is going unutilised.

Typically, only a quarter of companies are able to fully realise the commercial potential within the data they hold. This is true across a wide range of data types and sources.

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Future ready’ businesses are consistently more likely than others to be fully unlocking the commercial potential of their data.

These forward-thinking organisations make better use of data across the board, including information sourced from customers and telemetry from smart devices.

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Financial & Business Services businesses are the most likely to discover the commercial potential through their ‘purchase behaviour and transaction’ data.

They are particularly proficient with their customer journey, touchpoint and interaction data too, with 26% of Tech & Media businesses fully realising the commercial benefits of this vs. 21% of businesses overall.

Base: Q47. Base varies based on type of data chosen at Q45

Although many businesses recognise the commercial benefits data provides, most of the data they currently collect is going unutilised.

Typically, only a quarter of companies are able to fully realise the commercial potential within the data they hold. This is true across a wide range of data types and sources.

Future ready’ businesses are consistently more likely than others to be fully unlocking the commercial potential of their data.

These forward-thinking organisations make better use of data across the board, including information sourced from customers and telemetry from smart devices.

Financial & Business Services businesses are the most likely to discover the commercial potential through their ‘purchase behaviour and transaction’ data.

They are particularly proficient with their customer journey, touchpoint and interaction data too, with 26% of Tech & Media businesses fully realising the commercial benefits of this vs. 21% of businesses overall.

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Cyber resilient businesses

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27% of Tech & Media firms consider themselves industry leaders in the secure storage and processing of data.

They rank first overall – ahead of Manufacturing and Financial & Business Services where 25% and 22% of those organisations respectively feel exceptionally well equipped to handle data in this way.

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Future ready’ businesses have data built in at the heart of their business model, ensuring security and resilience are a priority.

Across all industries, FRBs are almost twice as likely than businesses overall (39% vs. 20% respectively) to feel they are exceptionally well equipped to securely store and process data.

Base: Q53. 1,779 (All respondents who chose at least one type of data at Q45)

27% of Tech & Media firms consider themselves industry leaders in the secure storage and processing of data.

They rank first overall – ahead of Manufacturing and Financial & Business Services where 25% and 22% of those organisations respectively feel exceptionally well equipped to handle data in this way.

Future ready’ businesses have data built in at the heart of their business model, ensuring security and resilience are a priority.

Across all industries, FRBs are almost twice as likely than businesses overall (39% vs. 20% respectively) to feel they are exceptionally well equipped to securely store and process data.

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Harnessing the power of data

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Improving customer experiences’ is the number one way in which businesses plan to better utilise their data in the future.

Almost half of all respondents (48%) cited this as a priority for their business, with ‘personalising the products and services we offer to customers’ ranking second.

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Small businesses are more likely than other sized firms to increase their usage of data to ‘improve customer experiences’.

53% of small businesses are hoping to improve how they utilise their data in this way. Small businesses are also the most eager to harness the data at their disposal to improve their targeted advertising.

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More so than their competitors ‘future ready’ businesses know that knowledge is power.

Even small FRBs (those with fewer than 50 employees) are much more likely to recognise the importance of sustainability than large companies overall.

Base: Q48. Base varies based on type of data chosen at Q45

Improving customer experiences’ is the number one way in which businesses plan to better utilise their data in the future.

Almost half of all respondents (48%) cited this as a priority for their business, with ‘personalising the products and services we offer to customers’ ranking second.

Small businesses are more likely than other sized firms to increase their usage of data to ‘improve customer experiences’.

53% of small businesses are hoping to improve how they utilise their data in this way. Small businesses are also the most eager to harness the data at their disposal to improve their targeted advertising.

More so than their competitors ‘future ready’ businesses know that knowledge is power.

Even small FRBs (those with fewer than 50 employees) are much more likely to recognise the importance of sustainability than large companies overall.

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