Australian and New Zealand organisations that leverage data have the potential to grow their annual business revenue by an average of 9.5 per cent, according to a report from Amazon Web Services (AWS).
This result means $38 million in additional revenue for large organisations in Australia that employ more than 200 workers, according to the Demystifying Data 2022 report prepared by Deloitte Access Economics.
The report surveyed 609 senior business decision-makers in Australian and New Zealand organisations and explored their data maturity or the extent to which they use the data they produce.
According to the report, organisations with more than 100 employees enhanced data capabilities in the past 12 months with 34 per cent achieving advanced or master levels of data maturity compared to 2021’s 16 per cent rating.
Forty-eight per cent of the organisations in the report said effectively capturing and analysing data can lead to improved productivity.
Meanwhile, 45 per cent said this can be achieved through customer experience, and 42 per cent cited a reduction in operating expenditure.
The Demystifying Data report also found that approximately 35 per cent of organisations in Australia and New Zealand reported access to skilled resources as a barrier to developing their data and analytics capabilities.
In order to enhance data maturity, 33 per cent of organisations sought to upskill their current employees to grow their data and analytic capabilities, followed by outsourcing to other organisations (24 per cent), and hiring skilled staff (24 per cent).
“Data can be an invaluable source of growth for organisations in Australia and New Zealand. The key is recognising its inherent value, analysing it effectively, and building a data-driven culture,” said Rada Stanic, chief technologist at AWS in Australia and New Zealand.
“As organisations increase their data maturity, it will transform how they go about solving problems and building customer experiences, which will lead to breakthroughs in all industries including healthcare, finance, retail trade, and manufacturing operations,” Stanic added.
