Data and Analytics - eBook (EN)

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

Issue link: https://read.uberflip.com/i/1472353

Contents of this Issue

Navigation

Page 2 of 9

3 MIT Technology Review Insights Data value is front and center The past year and a half were disruptive to businesses across industries, due in large part to the pandemic. The initial shutdowns in March 2020 meant that many companies had to turn on a dime to arrange for an all-re- mote workforce while also keeping up with wild shifts in consumer behavior and market demand. The good news is, even during an unprecedented crisis, a large number of organizations continued to grow. In fact, nearly half of the survey respondents (45%) characterize their companies as "thrivers," saying they boosted business growth over the past 18 months (see Figure 1). But, not surprisingly after such a challenging period, many other organizations could do little more than hold steady or try to hang on: the remaining 55% of those surveyed managed to maintain their efforts, conducting their usual level of business, or simply didn't shut down. Yet, whether organizations are thriving, maintaining, or just surviving, there's no doubt that the power of data is top-of-mind for all businesses looking to succeed. In today's digital world, companies gather or have access to vast amounts of data. Thanks to technologies such as cloud computing, analytics, and artificial intelligence (AI), they can also store, process, analyze, and put this treasure trove of data to use, in a meaningful way, to boost business outcomes. The initial shutdowns amid the 2020 coronavirus pandemic meant that many companies had to turn on a dime to arrange for an all-remote workforce. Figure 1 Thriving and surviving Nearly half of organizations prospered over a tumultuous 18 months, while 55% kept business going or kept it from closing. Source: MIT Technology Review Insights survey of 357 business leaders and decision-makers, July 2021 THRIVER: We boosted growth 45 % % OF RESPONDENTS 30% MAINTAINER: We kept business as usual 25% SURVIVOR: We kept the lights on 79% Smarter decision-making Figure 2 Value expected from data Most respondents want to use data to make better decisions; they also hope to better know their customers and deliver improved products. A better understanding of customers 61% 29% 33% Better products and services 42% More efficient operations Reduced costs 27% New business Source: MIT Technology Review Insights survey of 357 business leaders and decision-makers, July 2021

Articles in this issue

view archives of Data and Analytics - eBook (EN) - MIT Tech Review Insights: In unpredictable times, a data strategy is key