More than 90% of companies do not get the most out of the computer economy

April 26, 2022 – A survey conducted by data cloud company Snowflake among 1,000 tech executives and business leaders shows that only 6% of companies worldwide have a data strategy that actually provides significant business benefits. More than 90% of companies worldwide do not yet make optimal use of data. Research shows that there are still barriers that prevent most organizations from fully participating in the computer economy, for example because of the supporting technology required for this.

Other key results from the study:

  • Many companies do not yet have unhindered access to data – but 50% of companies have full access to internal data, regardless of where they reside.
  • But 38% of companies say they use data to make big business decisions.
  • A large proportion of companies do not yet make strategic use of data – 48% use data ‘something’ for business purposes (to increase revenue and identify new opportunities) and 12% use data strategically to a small extent.
  • Only 45% of companies are able to share data with other organizations.
  • 42% of respondents use data to identify risks and prevent fraud in their business – the most common way to use data. This points to an increasing tendency to use data in a preventative way.

“Successful organizations gain business benefits that come from accessing data, data services, solutions and collaboration – found only in the data economy,” said Jennifer Belissent, Principal Data Strategist at Snowflake. Foresighted organizations use everything the computer economy has to offer to solve the most complex business problems, improve customer experiences and fight fraud. Companies that do not yet have full control over all the data they hold will find themselves lagging behind competitors and potentially at greater risk of security threats. “

The challenge of the computer economy

In order to participate in the data economy, companies need to be in control of their data. But many struggle to get value out of it and deal with it effectively. The ability to access all types of data is an integral part of a data strategy, but half of the organizations do not have completely unrestricted access to data.

Many companies find that the technologies they use are not suitable for the computer economy because they are not scalable and resilient. Less than a third of respondents say their data management solutions are scalable and only less than a quarter can share, access and integrate data in real time.

“The barriers that prevent laggards from fully participating in the computer economy can be divided into three main areas; technology, people and processes, ”added Belissent. “Most of these organizations use increasingly on-site technology that is not scalable or unsuitable for modern computing needs. In addition, their managers lack the necessary skills to create and execute their computing strategies and are unable to implement processes that make them able to share data and collaborate. In contrast, data economy leaders benefit from cloud data platforms. They have a strong, data-driven leadership that drives a company-wide approach to data innovation and has established processes that make their data mutually accessible. “

The full research report on computer economics can be downloaded here.

If you’re interested in talking further with Jeniffer Belissent about Snowflake’s research and how companies can become leaders in the computer economy, let us know.

About Snowflake

Snowflake enables any organization to mobilize their data with the Snowflakes Data Cloud. Customers use the data cloud to combine siled data, discover and share data securely, and perform various analytical workloads. No matter where the data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographic areas. Thousands of customers across many industries, including 241 of 2021 Fortune 500 and 488 of 2021 Forbes Global 2000 (G2K) per. January 31, 2022, using Snowflake Data Cloud to run their businesses. Learn more at snowflake.com

Forward-looking statements

This press release contains express and implied forward-looking statements, including statements regarding Snowflake products, services and technology offerings that are under development or not generally available, and the integration and / or interoperability of those products, services and offers with third-party products and services. . These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” and elsewhere in the quarterly reports on Form 10-Q and the annual reports on Form 10-K submitted by Snowflake to the Securities and Exchange Commission. . In light of these risks, uncertainties and assumptions, actual results may differ materially and negatively from those expected or implied in the forward-looking statements. As a result, you should not rely on any forward-looking statements as predictions about future events.

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