Data Mature Companies Achieve 2.5x Better Business Outcomes
At Heap, we’ve long argued that data-driven companies see better business outcomes. In order to prove that point, we decided to practice what we preach by sponsoring IDC for the first major survey on data practices and relative data maturity amongst digital experience teams. For their White Paper, IDC surveyed over 600 product builders and data scientists at companies across the US and the UK.
What was found? When it comes to digital experiences, data mature companies achieve 2.5x better business outcomes than those that aren't.
What does it mean to be data mature? It boils down to how well a company leverages data for decision-making. Rather than relying on gut instinct or defaulting to the status quo, data mature companies make decisions based on quantifiable insights into their customers.
During the survey, data mature companies were found to have increased business outcomes by an average of 2.5x across the board, including increased revenues and profits, better efficiency, higher NPS scores, and lifetime customer value. Revenue was particularly influenced and was 3.2X greater for the most mature companies, who also saw 2.4X times greater profit and 2.4X greater customer loyalty as measured by NPS scores.
But it’s not just the top companies that see results. Data maturity progresses in developmental stages as better data practices are implemented within an org. Each progressive stage of maturity correlates to better business outcomes.
In today’s challenging market, efficient growth drivers are more important than ever. ‘How Data Maturity and Product Analytics Improve Digital Experiences and Business Outcomes’ indicates that data-driven insight is a catalyst for business progress leading to profit and revenue increases, shorter time to market, better NPS scores, and improved operational efficiency.
Figuring out the best path to data maturity isn’t a guessing game. The IDC White Paper found that top companies combined a specific set of tools, practices, and culture. Stop speculating about “what will move the needle” and discover how your team can harness data to improve the business.