The business leaders surveyed indicated that they currently do not use data to understand disruptions. However, they agreed that data powers most of their business functions. More than three quarters of decision makers believe that data is essential for acquiring new customers (79%), assessing risk (78%) and planning financials (79%). Another 72 percent believe data is critical to understanding supply chain changes. More than a third (37 percent) of companies are already using data to increase sales. Another fifth (17 percent) of organizations use data to detect potential wrongdoing/fraud.
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Going forward, the insights gleaned from high-quality data could play a crucial role in companies’ ability to weather further economic headwinds and identify new areas of growth. Not surprisingly, more than a quarter of business leaders (27 percent) believe the quality of their data will have the greatest impact on increasing their company’s revenue.
“There is no doubt that rising energy prices and the persistently high cost of living pose a significant threat to businesses,” Candell said. “While executives around the world recognize the central role of data and the insights it provides in the future success of their organizations , many find it difficult to reach their full potential. Our study shows that a third (32 percent) of executives find it difficult to realize the full potential value of their data, and more than a fifth (23 percent) are unsure how to get the maximum value from their business data.”
“As organizations look to increase resiliency, data and analytics are becoming the cornerstone of critical decision-making. They can help you understand the impact on your business and identify both risks and opportunities. Leveraging data and analytics also enables organizations to be proactive and flexible, as well as plan ahead based on scenarios. These include e.g. B. the impact of further increases in interest rates or energy prices on their financial planning or possible disruptions in their supply chain. By leveraging data insights, organizations can better prepare to weather the next potential and all future disruptions to better position themselves, continue to grow, and be resilient.”
