• by Chuck Martin , March 12, 2020

Making better use of data can increase the profitability of an organization an average of $38 million, or about 13% of their total gross profit, according to a new study.

Most (91%) organizations believe that given the right data, their organization is in a strong position to compete and succeed, based on the report.

The study comprised a survey of 1,350 senior technology and business decision makers employed at organizations with at least 500 employees conducted by Enterprise Strategy Group for Splunk.

Nearly half (40%) of organizations are actively developing and evolving data strategies with 36% saying uncovering data is their organization’s most important technology priority.

A third (33%) of organizations say data and analytics can dramatically improve customer service and experience and 31% say it can dramatically improve sales and marketing.

U.S.-based organizations led all regions in terms of data maturity and those firms report the highest average annual investment in analytics technologies as percentage of their over technology spending.