Decision-makers from enterprises both small or large across Europe understand that they need data to innovate and grow their business, according to a new survey from the BSA, also known as the Software Alliance.
The study has revealed that senior executives and business decision-makers believe data analytics are essential in a wide range of activities, such as serving customer needs to creating new products and services, entering new markets, and increasing sales and revenue.
These findings – released yesterday (December 10th) – suggest that data tools have become catalysts for innovation and growth for European businesses of all sizes and from all sectors.
Victoria Espinel, president and chief executive officer of BSA, commented: “Data innovation helps companies do what they do in new and better ways. They are using data to find insights, answers and innovative solutions to problems large and small. That has far-reaching benefits.”
The survey revealed that nearly two-thirds (65 per cent) of respondents said data was integral to their business, with 58 per cent believing it plays a role in plans to hire more employees.
According to the results, data analytics aids companies to better serve their customers’ needs and create products and services, cited by 80 per cent and 72 per cent respectively.
Almost a quarter (24 per cent) of respondents expect ten per cent or more of their companies’ growth to be a direct result of data analytics, with more than 43 per cent expecting this to be the case in the future.
Ms Espinel added that the survey demonstrates the widespread impact of data innovation in today’s, and the future’s, modern economy.
“Companies of all types and sizes are using data tools to create new products, serve customers, add jobs and grow into new markets. It is a hugely beneficial trend for customers, the economy and society at large.”
While the results of this survey make it clear that businesses are aware of how integral data is to a company’s success, it also highlights how damaging a security breach could be.
In addition to financial ramifications, there are other consequences to such incidents that are often harder to fix. The reputational damage a company can suffer in the wake of a security breach could see them fall into ruin, with customers not wishing to risk doing business with them.
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