’70 percent of companies struggle to innovate because they can’t use data effectively’ – News

About 70 percent of all companies have great difficulty unlocking the value of their data. This has a direct impact on their ability to innovate. So say 100 C-level directors from Forbes Top 2000 companies in Europe, including some from the Benelux.

Nearly a third (30 percent) of business leaders say cost reduction is their most important goal. But with a recession looming, it makes sense to make better use of data as it can help innovation in the short and long term. Furthermore, 59 percent of respondents believe that companies that make decisions based on data will gain market share. And 58 percent are afraid of falling behind their competitors if they don’t make better use of their data.

Greater gap

If companies are unable to quickly translate ideas into new products, services and strategies, they risk failure. This gap between innovation and execution, covered in detail in a 2018 Bayes Business School and VMware report, Innovating in the Exponential Economy, has widened as companies increasingly grapple with (their) data.

“Reasons are a lack of digital capabilities and skills, rigid infrastructures and various limitations and risks associated with data sovereignty and compliance,” said Professor Feng LI of Bayes Business School in London. He wrote the foreword to VMware’s new Innovation-Execution report, a follow-up to the original report from 2018. “Respondents said that having too much data and having trouble accessing the right data are major barriers. In addition, the current technological stack of many companies means that they cannot work even more data-driven, and as a result they miss out on strategic opportunities.’

Data sovereignty

Business leaders cite a number of barriers: Companies simply have too much data (83 percent), they have difficulty accessing the right data (74 percent), or there are technological limitations (60 percent).

Data sovereignty, where stored or collected data is subject to the privacy laws and governance structures of a country, sector or company, is another major concern: national (76 percent) and industry (67 percent) guidelines appear to be significant barriers to the value of data to realize data.

Nearly a third (30 percent) of business leaders say cost reduction is their most important goal. But with a recession looming, it makes sense to make better use of data as it can help innovation in the short and long term. Furthermore, 59 percent of respondents believe that companies that make decisions based on data will gain market share. And 58 percent fear falling behind the competition if they don’t make better use of their data. If companies can’t quickly translate ideas into new products, services and strategies, they risk failure. This gap between innovation and execution, which was covered in detail in a 2018 Bayes Business School and VMware report, Innovating in the Exponential Economy, has widened as companies increasingly grapple with (their) data. digital capabilities and skills, rigid infrastructures and various constraints and risks associated with data sovereignty and compliance,” said Professor Feng LI of Bayes Business School in London. He wrote the foreword to VMware’s new Innovation-Execution report, a follow-up to the original report from 2018. “Respondents said that having too much data and having trouble accessing the right data are major barriers. In addition, many companies’ current technology stack prevents them from working even more data-driven, causing them to miss out on strategic opportunities.’Business leaders cite a number of obstacles: companies simply have too much data (83 percent), they find. it is difficult to access the correct data (74 percent) or there are technological limitations (60 percent). Data sovereignty, where stored or collected data is subject to privacy laws and governance structures within a country, sector or company, is another key concern: national (76 percent) and industry (67 percent) guidelines appear to be significant barriers to realizing value of data.

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