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Data Management

Data is the new capital

julio 22, 2020

RESEARCH REPORT

In brief

  • Very few companies have committed to harnessing the power of data at a strategic level.
  • CEOs who see data as capital can grow and reinvent their businesses to be data-driven.
  • Every company must learn to be strategic about acquiring, refining, safeguarding, and deploying their data to achieve optimal business outcomes.

Most CEOs are struggling to define and implement a data-driven strategy for their business. But data is essential for organizations to succeed in the digital age, and becoming a data-driven organization requires an enterprise-wide data and analytics strategy.

We foresee a day in which data will be an asset accounted for in a company’s balance sheet and reflected in its market cap. To remain relevant, businesses need to invest in a data platform, data governance and management processes under a culture that promotes data literacy, trust, and engagement. This new form of capital—Data—is as essential for businesses today to survive and thrive in the digital age.

72%

of surveyed corporations have no data and analytics strategy

25%

of surveyed employees feel fully prepared to use data effectively

In this report, we discuss the importance of being a data-driven organization in today’s day and age. From supply chains across industries, to clinical trials for life sciences companies, and analytics for manufacturing plants’ safety, data-driven approaches are having a great impact.

Our approach to help CEOs deploy data capital:

Enterprise-wide data & analytics strategy

Corporations must develop an enterprise-wide strategy linked to every aspect of their business and informed by IT strategy.

Data & analytics platform

Investing in a data & analytics platform is essential to obtaining connected and contextual data that leads to informed answers and greater insights.

Data governance & management

Trust in data often creates a gap between the promise and reality of analytics investments. Companies must ensure data quality and veracity.

Data culture & literacy

Everyone throughout an organization must be data literate and committed to being data-driven in their day-to-day work.

At Accenture, we know how to put data to work as capital. With the right data strategy and roadmap, leaders can grow and reinvent their businesses. Read the full report and connect with us to learn more about creating a data-driven approach for your organization.

Lan Guan

Chief AI Officer

Lan advises cross-industry clients on enterprise growth by developing and implementing data and AI strategies and scalable solutions to maximize market opportunities.

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