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Data and Analytics
Harness the Power of Data and Analytics for better Business Outcomes
Highlights
- TCS partnered with ESSEC Business School to survey 105 business leaders who shared the perceived data maturity levels in their organizations.
- The study, based on the TCS Datom framework, revealed that 50% of the surveyed companies have low/medium data maturity levels with limited data sharing.
- Organizations with higher data maturity levels perform better with healthier offerings, customization options, business model adaptation, and ecosystem and risk acceptance.
In this article
Actionable insights
Being bold with data—not just in its perceived value, but what’s actually being done with it.
Successful digital organizations know how to derive immense value from their data. Key deliverables such as improved customer experience, ecosystem integration, and risk mitigation are achieved when leaders understand how to capitalize on data.
Organizations must leverage internal as well as external data and additionally, partner ecosystem, supplier, and customer data. Discovering new business avenues for growth lies in shifting the onus from centralized data abundance to data democratization.
TCS-ESSEC BUSINESS SCHOOL STUDY
The TCS-ESSEC study
We checked the pulse of French organizations to understand the correlation between business efficiency and data analytics maturity.
We partnered with the ESSEC Business School's Chair in Information Strategy and Governance. The study conducted among 105 French business leaders, is based on the TCS Datom reference framework. From the study, we concluded that businesses must adopt a global vision of advancing data maturity by uniting technology with other human, organizational, and financial levers.
There has been a paradigm shift: data has no value; the value lies in what you do with it
Stats of the study
What we learned
The survey report ’Realizing the value of data’ reveals the gains and gaps in the data maturity journey.
The report highlights key areas of improvement and offers an in-depth perspective on the correlation between data maturity and business performance. Given the diversity of maturity levels observed during the study, the surveyed organizations had to self-assess and define their areas for improvement.
Most respondents stated that they have started to analyze external data in addition to their verified internal data. Also, more than half of the respondents rated their maturity level as ‘low’ or ‘medium’, with a limited data sharing capacity within their organization. More than a third of the surveyed companies own a data lake or have an active data warehouse. However, approximately half of the organizations are yet to define any data and analytics competency levels.
As a part of the Datom-Indus initiative (under the aegis of TCS Datom data maturity and strategic framework), we seek to establish TCS Datom data maturity assessment as a critical process for all organizations.
The way forward
Business leaders need to consider multiple aspects while investing in data and analytics.
At an organizational level, adopting agile business practices, automating processes, and improving data management and governance are a few key considerations. At a human level, training programs need to be set up to define and improve employee skill levels. The TCS Datom framework can play an important role here—pave the path for enterprises to build future-ready, insights-driven businesses.
The previous chapters of this initiative were undertaken with Tilburg University, Netherlands and Deakin Business School, Australia. These studies illustrated how organizations need to embrace digital transformation to stay relevant and drive growth in a post-pandemic world. The studies also showed how leaders must apply technology and data to become truly data-driven, high-performing digital organizations.
