Data campaign

MIT Tech Review In unpredictable times, a data strategy is key

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Key takeaways Organizations of all sizes and across industries know they need to be data- driven to thrive in the competitive digital economy that's emerging from the 2020 coronavirus pandemic, a new business- leader survey shows. Technologies such as cloud computing, analytics, and artificial intelligence are fueling efforts to get more value from data, with smarter decision-making the highest-ranking expected benefit. Despite their acknowledgment of the power of data to transform business, most organizations are lagging when it comes to enacting a data strategy—a comprehensive plan to manage, access, analyze, and act on data. 1 2 3 ore than 18 months after the 2020 coronavirus pandemic struck, it's clear that the ability to make quick decisions based on high-quality data has become essential for business success. In an increasingly competitive and constantly shifting landscape, companies must be agile enough to tackle persistent challenges, ranging from cost-cutting and supply chain issues to product development and market shifts. Critical to thriving post-pandemic, say technology leaders and experts, is developing a long-term data strategy. That provides a strong foundation and clear vision which supports the organization's ability to manage, access, analyze, and act on its data at scale to guide strategic business decisions. "It's an ongoing journey to get trustworthy data into the right people's hands in a low-friction way," says Jonathan Lutz, director of technology at Aquiline Capital Partners, a New York private equity company. The right data strategy is essential, he explains, particularly as an organization begins to scale its efforts. "There is an inflection point where manual processes are no longer tenable or sustainable," he says. 2 MIT Technology Review Insights M A worldwide survey of 357 business executives, conducted by MIT Technology Review Insights and Amazon Web Services, shows that organizations of all sizes and across industries understand how crucial it is to become data-driven. Most important, they've learned that a supportive and successful data strategy cannot be left to chance. Based on a combination of survey research and in-depth executive interviews, this report explores how organizations today are using data to drive business value. It's sponsored by Amazon Web Services, and the views expressed within are those of MIT Technology Review Insights, which is editorially independent. • In June and July 2021, MIT Technology Review Insights surveyed 357 senior business leaders and academics—54% of whom are C-level executives or directors. • Executives who responded to this survey are from Asia-Pacific (29%), Europe (30%), and North America (36%). • Respondents work in more than a dozen industries; IT and telecom- munications, at 23%, represents the largest response group, followed by financial services, at 10%; pharmaceuticals/health care and education, each at roughly 9%; and professional services, at 8%. • Respondents were asked about the maturity of their companies' data strategies, their priorities, and what business value they expected from data. About this report

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