Data has the power to make or break an organization’s digital future. How an organization turns data into insights, how it makes these insights accessible to business decision makers, and how this data is governed and secured are the fundamental principles to succeed as a data-first organization.
EMEA organizations accept that data is a foundational asset for them and they are closely linking data and analytics investment to their business objectives of innovation, business growth, and efficiency.
IDC’s EMEA Data-Driven Intelligence Enterprise Survey, 2021, which surveyed 700 EMEA organizations, is the main source for this white paper. The survey reveals that we have crossed the tipping point, with 54% of organizations saying that becoming data driven is either strategic or fundamental for business and innovation.
Data to Achieve Five Business Goals
For EMEA organizations, five key business goals can only be realized through investment in data projects:
- Optimizing business processes and operations
- Improving fraud prevention, risk management, and regulatory compliance
- Enhancing product, service, and program innovation
- Improving financial planning and budgeting
- Generating new revenue streams (data monetization)
The importance of data for business is now stronger than ever, and this is being translated into investments. The survey revealed that 82% of organizations are spending more than 10% of their IT budgets on data technologies, and that the three key investment areas to become data driven are:
- Data governance, monitoring, and quality
- Use of cloud platforms
- Developing a data culture (especially among large enterprises)