SAN FRANCISCO – October 04, 2022 – Splunk Inc. (NASDAQ: SPLK), the data platform leader for security and observability, in collaboration with the Enterprise Strategy Group, today released the Economic Impact of Data Innovation 2023, a global research report that quantifies the economic benefits of mature data practices. The report reveals the most data-savvy companies are increasing profits by 9.5%, are 2.9 times more likely to beat the competition to market, and are twice as likely to exceed financial expectations.
“A strong data foundation is essential to staying ahead of the curve–and we are proud of our proactive approach to extracting innovative value from our data,” said Mike Hughes, CISO of REI. “Our data visibility bolsters efficiency, competitiveness and resilience against an advanced threat landscape and macro challenges. Splunk is a critical element of our overall strategy to ensure we can scale and deliver the best experience for our customers.”
The research report defines leaders as organizations that have achieved excellence in the six key areas of data classification, aggregation, quality, analysis skills, analysis tools and monitoring. Key findings include:
Virtually every organization is under pressure to keep up with the rapid rate at which data is growing. However, the organizations that feel the most pressure are also having the most success: 67% of data innovation leaders report feeling a high degree of pressure versus only 41% of intermediates and 15% of beginners.
“Data-driven innovation gives you a massive edge,” said Ammar Maraqa, Chief Strategy Officer, Splunk. “Organizations that prioritize investments in collecting and using their data have full visibility into their digital systems and business performance, which makes it easier to adapt and respond to disruptions, security threats and changing market conditions.”
Data Leaders Innovate Across Industries
Across every industry, data provides an opportunity to increase profit and improve performance, with unique challenges and outcomes. The industry-focused addendum to the report highlights these vital areas. Key findings include:
For additional insights and recommendations from the Economic Impact of Data Innovation 2023, please visit the Splunk website to download the report. Organizations can also assess their status — and potential — in their own data innovation journey by visiting the Splunk Data Maturity Calculator.
The global survey was conducted from May through June 2022 in partnership with the Enterprise Strategy Group. The 2,000 IT, security and business leaders were drawn from nine countries including Australia, France, Germany, India, Japan, New Zealand, Singapore, United Kingdom and United States.
Splunk Inc. (NASDAQ: SPLK) helps organizations around the world turn data into doing. Splunk technology is designed to investigate, monitor, analyze and act on data at any scale.
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