Championing data maturity
Data maturity goes hand in hand with enterprise revenue growth—achieved through a focus shift from the abundance of data to its democratization.
The importance of robust data and analytics frameworks has made its way into boardrooms with leaders looking for better sources to harness data from their ecosystem. This includes partners, suppliers, and customers as well as open data sources to glean actionable insights. This allows enterprises to reinforce their relevance and drive better revenue growth by improving their data and analytics maturity.
At another level, data democratization empowers users and propels transformative organizations towards higher levels of data maturity. As an organization goes up the data and analytics maturity curve, the extent to which analytics contributes to its business performance (net income) also increases. Data analytics positively impacts an organization’s ability to create new business models and respond to market dynamics as well as mass-customize their products and services.
To understand the relationship between data maturity and an organization’s growth, TCS teamed up with Deakin University in Australia to study the level of data maturity and its impact on the bottom line.
Key findings of the study
The study focused on discovering the data maturity journey of organizations across industries.
The Deakin University study covered 138 organizations across 18 industries and was conducted in 2022. It found that Australian organizations self-reported medium to high levels of data maturity. A healthy 66% of the respondents rated themselves as effective in data sharing and beyond.
The pandemic reinforced the role of data and analytics in an organization’s survival and performance. 95% of the respondents agreed that data and analytics had a higher impact on strategic decision-making coming out of the pandemic.
A value-driven maturity journey, inclusive data and analytics culture, and a balanced data governance approach were found to be key elements in leveraging data and analytics for business gains.
...the ‘people’ should be taken on the data journey, and this many-a-times requires people playing with data getting out of their offices and interacting (and understanding) with representatives from different parts of the business.”
The experiences and practices shared by research participants produced numerous recommendations that we have split into three major categories.
Investment increased in data and analytics technologies during the pandemic
Demand for agile data analytics has increased
Need for data analytics strategies as part of the overall business strategy