1、The Economic Impact of Data Innovation 2023Global research:8 key strategies for disrupting competitors,building resilience and gaining a 9.5%profit edge02What Is a Data Innovator?Leaders develop faster,sell better and bolster resilienceUnder pressureHeres something interesting:While we all know that

2、 virtually every organization is under pressure to cope with exponentially more data the volume,the velocity,the variety it turns out that the ones who feel the most data pressure are also the ones having the most success.Youd think it would be the other way:Organizations that can barely catalog the

3、ir data should be way more stressed out than those that have made the investments,hired the brainiacs and buttoned it all down.And yet,when Splunk and the researchers at the Enterprise Strategy Group surveyed 2,000 IT,security and business leaders in nine countries,we found that organizations with t

4、he most success at extracting innovative value from their data were most aware of the pressures:67%of data innovation leaders strongly agree that their data is growing faster than their ability to keep up.Only 41%of intermediates and 15%of beginners said the same.And“too much data”isnt even the real

5、 issue.For every organization,the essential challenge is meeting customer needs and expectations in an increasingly competitive market and with increasingly complex technologies.“More data”is a problem that has to be turned into a solution.Turns out necessity is the mother of innovation.The Economic

6、 Impact of Data Innovation 202302 What Is a Data Innovator?Under pressure06 Data Innovators Drive Success Separating the winners from the serious winnersInnovating a market-leading customer experienceShow me the data monetizationMore products,better successUnkinking the supply chainAdvantage,resilie

7、nce,optimism14 How to Be a Data Innovation Leader The eight strategies that drive data innovationHere comes tomorrowMore next steps 23 AppendixDefining data innovation maturityMarket composition by maturityThe Economic Impact of Data Innovation 2023|Splunk 04WhaT Is a daTa InnOvaTOr?Perhaps the crea

8、m of the data innovation crop feels such pressure because organizations that make the most effort to drive strategy and boost bottom-line results with data inevitably continue to find even more challenges.But its not a Pandoras Box problem.If data innovators keep finding new problems to solve,theyre

9、 also finding tremendous benefits.achieving a fully mature data innovation practice gives leading organizations a 9.5%increase in gross profits,compared to organizations still at the beginner level.They also overshoot their earnings targets at twice the rate of beginner-level businesses.Across our s

10、urvey,all three maturity cohorts tended to exceed their earnings targets(turns out we talked to some really smart people),but leading orgs averaged+7.79%,while beginners clocked+3.94%.Leaders operationalize a higher percentage of their data:66%of all data that their organizations produce,versus 48%a

11、mong beginners and 57%among intermediates.Data innovation leaders increase gross profit by 9.5%.The Economic Impact of Data Innovation 2023|Splunk 05WhaT Is a daTa InnOvaTOr?Overall,data innovation leaders have operationalized 38%more of their data.They:Derive 2.3 times as much of their revenue via

12、data monetization.Are five times as likely to report significantly accelerating data delivery to AppDev in the past year(85%,versus 17%of beginners).Are 4.6 times as likely to drive more than 20%of their revenue from new,innovative products and services.Are 2.9 times as likely to report that they us

13、ually beat competitors to market and do so by a year on average.Are 5.5 times as likely to say theyve increased their sales win rates by 10%or more thanks to intelligent and innovative data use.Are 4.5 times as likely to believe their organization is in a very strong position to compete and succeed

14、in their markets over the next few years.A mature data innovation practice,in fact,has a holistic impact.Leaders were more likely to report success across a range:Data monetization(59%of leaders,versus 32%of beginners)Product development(56%versus 38%)Supply chain and manufacturing operations(52%ver

15、sus 39%)Application development and availability(60%versus 35%)Security operations(47%versus 36%)data innovation is making organizations more innovative,more efficient,more competitive and more resilient to threats and challenges.The 9%of organizations to achieve leader status in our survey reported

16、 markedly better results.This report presents the eight strategic decisions that leading innovators employ to achieve this success,along with the concrete benefits that result.Defining leadershipWe assessed respondents in six areas,measuring their success with:1.Data classification2.Data aggregation

17、3.Data quality4.Data analysis skills5.Data analysis tools6.Data monitoringLeaders achieve excellence in all six;intermediates any 3-5;beginners any 0-2.(For details,see the Appendix.)Data Maturity Levels9%of the market9%of the market42%of the market35%of the market50%of the market56%of the marketLea

18、ders 6 characteristicsIntermediates 35 characteristicsBeginners 02 characteristics2022202106Data Innovators Drive Success Leaders improve CX,efficiency and securityThe Economic Impact of Data Innovation 2023|Splunk 07daTa InnOvaTOrs drIve successSeparating the winners from the serious winnersData in

19、novation moves the needle.In fact,it moves a lot of needles customer service,supply chain efficiency,development,IT operations and security,and more.We saw the biggest difference between leaders and beginners in terms of data monetization,where 59%of leaders saw an advantage,compared to only 32%of b

20、eginner-level innovation orgs,and observability of application performance(leaders:60%;beginners:35%).The spreads on supply chain(52%to 39%)and launches of products/services(56%to 38%)arent too shabby,either.another area of excellence:software development is mission-critical both to your digital fac

21、e and backend systems.data innovation leaders were five times as likely to say they had significantly accelerated delivery of data to dev teams 85%,versus 17%of beginners.as a result:95%of leaders say theyve improved the speed of application development,compared to 76%of beginners.95%of leaders have

22、 increased developer efficiency,versus 71%of beginners.95%of leaders have improved application functionality versus 76%of beginners.And 93%of leaders have boosted application performance versus 78%of beginners.Most companies dont sell software,but the only ones that dont use software to drive their

23、business are your nieces lemonade stand(unless shes older than six,and then shes delivering via GrubHub).Innovation and first-mover advantage are vital.LeadersIntermediatesBeginnersWhere Data Innovation Is Driving ImprovementCustomer service and support50%47%53%50%39%52%50%38%56%45%42%44%48%35%60%49

24、%32%59%44%36%47%Supply chain/manufacturing/operationsProduct/service development/launchesSales and marketingApplication observability/availability/developmentDirect data monetizationSecurity operationsThe Economic Impact of Data Innovation 2023|Splunk 08daTa InnOvaTOrs drIve successInnovating a mark

25、et-leading customer experienceIts not just that you can buy anything online these days.Its that digital interaction is essential to all business and services.Whether someones comparing prices before they walk into a shop,trying to get information from a government office,or working with an informati

26、on services provider,it all starts,and often ends,digitally.data innovation leaders set the standard for cX.Leaders understand their customers more deeply and apply that insight to their marketing and support.Leaders are more likely to report that applying data innovation to sales,marketing and cust

27、omer service/support has contributed to:Greater brand loyalty(48%of leaders versus 30%of beginners)Increasing customer lifetime value(49%versus 30%)Improving customer satisfaction(53%to 43%)Generating positive word of mouth(45%to 22%)Leaders also report higher win rates.Asked to estimate the percent

28、age of sales opportunities that are converted to sales,leaders on average report a win rate of 65%,well above beginners 39%.data innovation drives much of that advantage:33%of leaders say data innovation is responsible for a greater than 10-percentage-point increase in their close rate;only 6%of beg

29、inners say the same,meaning leaders have identified a 5.5x advantage.LeadersIntermediatesBeginnersLeaders Know What Their Customers Want And Make the Right OfferMy org is strong/very strong at:Developing real-time customer segments to directly route customers to relevant information or send proactiv

30、e notificationsUsing customer purchase data to predict interest in upcoming products and making real-time recommendations to drive sales95%89%55%94%91%56%The Economic Impact of Data Innovation 2023|Splunk 09daTa InnOvaTOrs drIve successand dont forget the upsell.about 74%of respondents report having

31、 tiered product/service offerings where customers can select between free,basic and/or premium versions with different features and associated price points which provides more opportunity for data-driven cX advantage.First,leaders report a 55%price premium for those top offerings,where beginners rep

32、ort 36%.secondly,leaders excel at upselling entry-level customers,averaging a 52%conversion rate,compared to 33%for beginners.Leaders command a higher price premium between tiers:approximately a 55%price premium(on average)versus 36%among beginners.second,and more importantly,leaders are more succes

33、sful at converting low-value customers to high-value customers.On average,leaders are able to convert 52%of new customers of a basic service/product to a more premium offer within the first year of them becoming a customer.conversely,beginners only convert 33%of new customers.Economic impact:Custome

34、r experience and upsellingAccording to our respondents,if a data innovation leader and a beginner each draws 50,000 new customers to a basic offering of$200/year,a leader will have more success at upselling as a result of the differing price structure and conversion rates detailed above.The result:a

35、$10.7M advantage over three years.The Economic Impact of Data Innovation 2023|Splunk10daTa InnOvaTOrs drIve successShow me the data monetizationMoney isnt everything.But ask any poker player or stockbroker its a great way to keep score.We asked respondents about data monetization,defined as turning

36、data into specific products or revenue streams:reselling data,providing access to data as a service,etc.data innovation leaders are really good at that stuff.Practically all of them(98%)said they monetize data.Intermediates report a very strong 92%,while beginners trail at 65%.Furthermore,leaders ar

37、e more likely to report that data monetization is:More profitable than other business lines(according to 68%,versus 47%of beginners)Easier to sell(67%versus 45%)Growing faster(74%versus 49%)Differentiated(56%versus 47%)Leaders report that their data monetization businesses are growing more than twic

38、e as fast as beginners 40.5%annually,compared to 20%.Economic impact:Data monetizationLeaders are more likely to say that their data monetization streams are additive,and they grow faster.According to respondent data:Given a$100M data monetization business,beginner-level organizations grow it 20%ann

39、ually,with 44.6%of that revenue additive.One-year result:an additional$8.92M.Turn a leader loose with that$100M data line and itll grow at 40.5%a year,47.3%of it additive.One-year result:an extra$19.16M.Three years later,the leader org will have reaped an incremental$51.4M revenue advantage,which wi

40、ll continue to compound over time.The Economic Impact of Data Innovation 2023|Splunk11daTa InnOvaTOrs drIve successMore products,better successLeadersIntermediatesBeginnersTimeliness of New Product Launches“Were usually ahead of competitors/peers”63%29%83%Economic impact:New product revenueBased on

41、the factors at left,and the fact that leaders report that their new products tend to be less cannibalistic of their established offerings,the average beginner organization whose new products generate$5M in revenue in their first year and grow at a 25%rate annually will generate$46.1M from product in

42、novation over three years.A leader organization with the same revenue opportunity and growth rate will generate$149.3M from product innovation over a three-year time horizon.Leaders win at product innovation:On average,leaders report launching nine products per year that wouldnt have been possible w

43、ithout their data innovation capabilities.Which stacks up nicely against beginners average of three new products per year.It follows that leaders derive more of their total revenue from products that werent generally available a year ago.an average of 20%of leaders revenue comes from products launch

44、ed in the last year,more than triple the nearly 6%of beginners.This product innovation edge has other payoffs for leaders as well:Higher customer satisfaction(according to 36%of leaders,versus 21%of beginners)Entry into new markets(33%versus 16%)Engagement of customers in new channels(30%versus 16%)

45、Increased customer wallet share(32%versus 13%)Higher win rates(34%versus 17%)improved customer retention(35%versus 18%)Better brand standing(35%versus 17%)new products and services are how organizations attract new customers and keep established ones engaged in a fast-moving era of new digital exper

46、iences.Leaders understand that data innovation is essential to maximizing that key advantage.The Economic Impact of Data Innovation 2023|Splunk12daTa InnOvaTOrs drIve successUnkinking the supply chainsupply chain costs are a significant source of overhead in many industries and a particular source o

47、f headaches in the past few years.Optimizing supply chains to both reduce predicted costs and minimize unexpected disruptions can give a business significant advantage over competitors,and help government agencies deliver services in a more timely,cost-effective manner.using data to innovate around

48、supply chain challenges delivers a measurable advantage.regardless of maturity stage,majorities of respondents told us that data-driven innovation reduced supply chain costs(according to 69%)and disruptions(59%).Leaders,unsurprisingly,see greater improvements from applying data to supply chains:79%o

49、f data innovation leaders said they had reduced costs,versus 60%of beginners.and 73%of leaders said they had reduced supply chain disruptions,compared to only 51%of beginner-level organizations.But how much improvement are they actually seeing?asked how much they had trimmed supply chain costs throu

50、gh the better use of data,leaders averaged a 6.1%reduction in the last year,which was 2.5 times the 2.4%reduction seen by beginners.Economic impact:Supply chain optimizationFixing supply chain costs at 12.5%of revenue,a$1B/year organization with a beginners level of data innovation optimizes costs t

51、o create a$3.1M profit opportunity per year.Assuming the same revenue size and supply chain costs,a leader will generate a$7.6M profit opportunity per year for a difference of$13.5M across three years.The Economic Impact of Data Innovation 2023|Splunk13daTa InnOvaTOrs drIve successAdvantage,resilien

52、ce,optimismData innovation leaders are more resilient,have a leg up on the competition(several,actually),and know it.We could do this all day,but here are just three more highlights:Leaders make better decisions.Thanks to superior skill at using data on sales trends,product performance,customer beha

53、vior and more,leaders are 5.7 times as likely to say their organization almost always makes better decisions than competitors.Leaders are more profitable.While fifty-eight percent of leaders say they beat their most recent fiscal year revenue goals by 7%or more,just 23%of beginners can say the same.

54、Leaders are more resilient.Across the board,our respondents estimated that about 41%of unplanned application outages or performance disruptions could be ascribed to security incidents/attacks.What distinguishes leaders is how they resolve those crises.j Leaders reported that it took 17 hours to inve

55、stigate and resolve application availability/performance problems stemming from a security issue.j Beginners said it took 19 hours,making leaders about 11%more efficient.Leaders are more hopeful.Seventy-seven percent of leaders say their organization is in a very strong position to compete and succe

56、ed in their markets over the next few years 4.5 times the 17%of beginners who feel the same way.With numbers like this,the business case for pursuing data innovation maturity writes itself.(But were happy to help.)Economic impact:Business resilience Two organizations,one beginner,one a leader in dat

57、a innovation maturity.Say that each,across its entire portfolio of business-critical applications,encounters monthly(i.e.,12)instances of downtime,and their hourly cost of downtime for business-critical applications is$200K.Now throw in the leaders 11%advantage at resolving disruptions,and a leader

58、organization will enjoy a$14.4M cost of downtime advantage over three years compared to a beginner.14How to Be a Data Innovation Leader Key recommendations to improve resilience and seize opportunityThe Economic Impact of Data Innovation 2023|Splunk15hOW TO Be a daTa InnOvaTIOn LeaderThe eight strat

59、egies that drive data innovationThe previous section details incremental gains that leaders make through data innovation across a range of disciplines.You know,you take a 6%supply chain cost reduction here,a$100 million product innovation edge there,throw in an 18-point spread in increased brand loy

60、alty,and pretty soon youre talking about real money.But what,specifically,do leading organizations do that puts them at the top of the maturity scale and earns them the significant,measurable benefits detailed so far?Weve broken it down to eight core virtues,and the first,of course,is to line up you

61、r strategy.Respondents Rate the Opportunity to Improve Through Data InnovationITdata science/data analyticsInformation security/sOcengineering/appdevresearch and developmentService and supportSales and marketingnetwork operations center(nOc)supply chain/distributionFinanceManufacturingHuman resource

62、sFacilities8%11%10%12%13%14%17%9%9%11%12%14%17%36%41%41%38%37%39%35%36%41%42%40%41%41%51%46%44%43%41%37%54%54%47%45%44%41%38%1%2%2%3%5%7%6%2%2%2%3%3%4%Great opportunitySome opportunityMinimal opportunityNo opportunity*For most categories,1%-2%selected“I dont know”The Economic Impact of Data Innovati

63、on 2023|Splunk16hOW TO Be a daTa InnOvaTIOn Leader1.Prioritize data innovation.Leaders are really taking this value-of-data stuff seriously.Fully 60%of them say that their single most important business and IT priority for the next 24 months is to better uncover and use their data.number one priorit

64、y.Only 34%of intermediates and 13%of beginners say the same.Its worth noting that intermediate orgs closely follow leaders on certain data measures weve seen,but this is a stark difference,perhaps the single point at which leaders are furthest ahead of everyone else.check out the chart on the right.

65、These five steps suggest an organization in which data,and data-driven strategy,infuse every conversation and course of action.Leaders are kept apprised,progress is tracked,and performance is measured against data innovation goals,because people are most likely to succeed when theyre accountable for

66、 their progress.LeadersIntermediatesBeginnersTop 5 Actions Taken at Leading Orgs to Advance Data InnovationIT roles have been goaled or incentivized based on progress59%42%62%51%40%57%48%32%56%50%39%55%48%34%51%Created new KPIs/metrics to track progress of initiativesCEO or board has asked for more

67、regular briefings on the topicMore emphasis on increased data-centric training/certificationsLine of business roles have been goaled or incentivized based on progressThe Economic Impact of Data Innovation 2023|Splunk17hOW TO Be a daTa InnOvaTIOn Leader2.Invest for success.Youve gotta spend money to

68、make money,the maxim goes,and certainly creating an innovation engine requires an up-front investment.Data innovation leaders allocate 53%more of their technology budgets for solutions and staff aimed at data investigation,monitoring and analysis than beginners:20%on average,versus 17%among intermed

69、iates and 13%for beginners.Further,leaders focus their investment on a cohesive platform approach,rather than one-off point solutions.Fully 92%of leaders emphasize a platform strategy,pursuing technologies that work across data silos,incorporate multiple sources,and straddle on-premises and the clou

70、d.Intermediates trail at 84%,and beginners at 63%.Finally,leaders are adopting new technologies that support their data innovation efforts,as seen at right.The most mature technology on that list,cloud analytics,was unsurprisingly the most common.aI/ML,edge computing and observability are all in dif

71、ferent phases of accelerated adoption.The potential of machine learning is tremendous,and still developing,while adoption of edge and observability solutions is growing fast particularly among leaders.LeadersIntermediatesBeginnersThe Technologies Embraced by Data InnovatorsCloud analytics81%71%90%76

72、%57%84%67%47%77%62%44%71%AI/MLEdge computingObservabilityThe Economic Impact of Data Innovation 2023|Splunk18hOW TO Be a daTa InnOvaTIOn Leader3.Bring innovation to the executive level.Data innovation leaders make sure that innovative thinking is represented at the highest levels of the organization

73、.More than 90%of leaders have c-level roles around customer success,data governance,data strategy and innovation.Beginners are 24-33 points less likely to have these senior roles.Interestingly,staffing challenges are actually harder for leaders,perhaps because they have more specialized roles to fil

74、l in a tight market for highly skilled talent.These challenges include finding candidates with the right skills(35%of leaders say it is“very challenging”versus 18%of beginners),recruiting those candidates when they are found(40%say it is very challenging versus 24%of beginners),and retaining those s

75、taff once they are onboarded(39%say it is very challenging versus 21%of beginners).Leaders were also more likely to say that,as a result of their data innovation goals,talent in the following areas have become more in-demand:data cleaning and prep(56%according to leaders,versus 43%of beginners),aI/M

76、L(66%versus 49%),and data visualization(68%versus 46%).Of course,the payoffs are also greater.LeadersIntermediatesBeginnersData Innovators Have C-level SupportCX:We have a chief customer officer86%68%95%84%63%96%90%73%97%85%67%93%Data stewardship:We have a chief data governance officerData strategy:

77、We have a chief data officerInnovation:We have a chief innovation officerThe Economic Impact of Data Innovation 2023|Splunk19hOW TO Be a daTa InnOvaTIOn Leader4.Establish a center of excellence.Leading orgs advance data initiatives with centralized,rather than distributed,teams:57%of leaders say the

78、y always rely on CoEs,compared to 33%of intermediate orgs and only 15%of beginners.The gap narrows when you move from those who“always”to“always or usually”use a coe:76%of leaders,63%of intermediates and 60%of beginners.The leaders edge may be in the strength of their commitment to the centralized a

79、pproach.5.Prioritize tech-centric data streams today.Interestingly,leaders were more apt to cite tech-oriented data when asked which sources had most fueled their innovation pare the top three sources for leaders versus beginners:Leaders:1.Network data(cited by 30%)2.Application data(28%)3.Business

80、service transaction/performance data(28%)4.Customer data(27%)5.Financial data(26%)Beginners:6.Customer data(cited by 36%)7.Sales data(30%)8.Operational tech/machine data 24%)9.Network data(22%)10.Sensor/IoT data(18%)The Economic Impact of Data Innovation 2023|Splunk 20hOW TO Be a daTa InnOvaTIOn Lea

81、der6.Pivot to“know your customer”data next.The leaders focus on network and operational data doesnt mean they dont know the value of customer-focused data.We asked respondents to name the data sources that they hadnt leveraged significantly to drive recent innovations,and leaders were more apt than

82、beginners to report that sales data(25%vs.16%),customer data(23%vs.17%)and business service transaction and performance data(31%vs.20%)have the most potential down the road.Leaders seem to focus on building up the infrastructure to subsequently make the most of that more human-centric data.7.Commit

83、to either speed or success when it comes to product innovation.Beginner and intermediate organizations are more likely to say that they balance innovating at top speed with investigating how their innovations will be received by the market.Leaders were the least likely to take this split approach,in

84、stead favoring either speed or well-researched market suitability.Interestingly,leaders split about evenly between the two approaches,suggesting that going with your gut or taking your time both work(subject to the nature of ones industry,of course).The lesson:Better to excel at something than to be

85、 just okay at everything.LeadersIntermediatesBeginnersChoosing Between Speed or Quality“We prioritize speed of innovation over sure market fit”26%12%34%43%64%28%31%20%38%“We balance speed with confidence in market fit”“We prioritize market fit over speed”The Economic Impact of Data Innovation 2023|S

86、plunk21hOW TO Be a daTa InnOvaTIOn Leader8.Cultivate a broader sense of paranoia.Data maturity increases organizational resilience.With full visibility into your infrastructure and business performance,its easier to adapt to technical failure,security threat or market disruption.so we figured leader

87、s would be the most sanguine about facing the future.Yes and no,it turns out.On the one hand,rather than resting on their laurels,leaders fret more about competitive threats than intermediate or beginner organizations.Everyone keeps an eye on established rivals(61%of leaders,63%of intermediates,and

88、59%of beginners),but leaders:Worry more about the sudden arrivals of enterprise-class competition(78%of them,versus 72%of intermediates and only 51%of beginners).More often fear that startups will mushroom into their economic gardens:(52%,tied with intermediates,but trailed by beginners at 35%).Inno

89、vative competitors aside,leaders are more likely to predict that data will fundamentally transform their industry.75%of leaders expect that data will be used to further optimize and refine how organizations in their industry function,versus 69%of intermediates and 63%of beginners.69%of leaders predi

90、ct that data will trigger a major change in the goods and services that their industry provides,versus 65%of intermediates and 47%of beginners.On the other hand,leaders are more confident(65%,versus only 45%of beginners)that new uses for data will drive them to compete in industries they havent ente

91、red(or that dont exist)yet.Thats despite their heightened paranoia,suggesting that the overall takeaway is that vigilance is the price of leadership.Heavy is the head that wears the crown,said Shakespeare.(But its good to be the king,Mel Brooks replied.)The Economic Impact of Data Innovation 2023|Sp

92、lunk 22hOW TO Be a daTa InnOvaTIOn LeaderHere comes tomorrowLeaders are much more confident about their ability to perform in the future.Leaders are 4.5 times as likely as beginners to say their company is in a very strong business position.And they have reason to feel so bullish.as weve seen,data i

93、nnovation leaders see a 9.5%increase in gross profits compared to beginner-level orgs.Leaders beat earning targets by nearly 8%,compared to beginners,who average just shy of+4%.This report arrives at a time of economic instability driven by inflation,supply chain disruption and global conflict.Many

94、business leaders will be assessing how to position their organizations in the event of a prolonged downturn.a harvard Business review study1 following the 2008 recession found that the companies most likely to thrive a top-9%cohort,the same percentage that achieved leadership in data innovation matu

95、rity in our study do not drastically cut costs or otherwise wait out the storm.They combine prudent efficiencies with investment in growth.In other words,digital transformation doesnt take holidays.The ever-increasing importance of data is,um,ever-increasing.Data innovation leaders have found a form

96、ula to both fortify resilience and enhance success.We hope their insights will help you take your organization forward as well.1“Roaring Out of Recession,”harvard Business review,March 2010“I believe my company is in a very strong business position.”More next steps Apply this data to your own organi

97、zation with our Data Innovation Calculator,to see the potential gains you could make as a data innovation leader.dig deeper with industry-specific data in our Economic Impact:Industries Report.Data Innovation Builds Confidence77%of Leaders47%of Intermediates17%of BeginnersThe Economic Impact of Data

98、 Innovation 2023|Splunk 23aPPendIXesGs researchers defined data innovation as:“reinventing or fundamentally changing business processes through the use of new types of data analysis or the analysis of new data sources that the organization did not previously have access to.”Measuring organizations o

99、n six aspects of their data innovation practice,the research team looked to identify organizations with the right people and technology in place throughout the data life cycle to discover whether they do,in fact,enjoy improved data outcomes including measurably positive economic outcomes.(They do.)T

100、he six characteristics by which we defined a mature data innovation practice,along with details of the findings,are:Data classification:Does the organization have a consistent data classification system,with clearly defined ownership and metadata,to support seamless data access and use?jBeginner:22%

101、.We know which data elements are important,but have not formally defined them/We have not defined any data elements/dont know(30%in our 2021 research)jIntermediate:37%.Our critical data elements are defined and users are made aware(41%in 2021)jLeader:42%.Most/all data elements are defined with an ow

102、ner and user access workflow(29%in 2021)Defining data innovation maturityAppendix Data aggregation:Does the organization consolidate its data,allowing different business silos to access each others data?jBeginner:27%.Business data is pooled,but not all businesses make use of it/no,each line of busin

103、ess retains its own data/dont know(30%in our 2021 research)jIntermediate:26%.Business data is pooled,but not all lines of business make use of it(30%in 2021)jLeader:48%.Yes,all company data is available to every line of business where appropriate and allowed(40%in 2021)Data quality:Is the organizati

104、on able to assess if its data is accurate,complete,consistent and does not contain duplicate data?jBeginner:20%.We have defined some data quality rules,but do not measure against them/We dont know how good or bad our data quality is/dont know(23%in our 2021 research)jIntermediate:35%.We measure some

105、 data quality dimensions for some data elements(38%in 2021)jLeader:45%.Our data quality is known and measured comprehensively(39%in 2021)AppendixThe Economic Impact of Data Innovation 2023|Splunk 24aPPendIX Data analysis skills:Do individuals have the skills needed to analyze data to answer importan

106、t business questions?jBeginner:21%.Few employees do/dont know(10%in our 2021 research)jIntermediate:28%.some employees do(35%in 2021)jLeader:51%.all or most employees do(55%in 2021)Data analysis tools:Do individuals have the tools to access and analyze data in a self-service fashion?jBeginner:23%.Fe

107、w employees do/dont know(10%in our 2021 research)jIntermediate:27%.some employees do(33%in 2021)jLeader:51%.all or most employees do(58%in 2021)Data monitoring:Has the organization automated queries to capture ongoing and real-time answers to your important business questions?jBeginner:21%.some/litt

108、le/no progress/dont know (24%in our 2021 research)jIntermediate:44%.Good progress(48%in 2021)jLeader:35%.excellent progress(29%in 2021)Market composition by maturityHaving assessed respondents on six measures of data innovation excellence,we defined leaders as organizations having achieved excellenc

109、e in all six categories.Intermediate organizations have achieved the highest level in any three to five measures,and beginner organizations excel at two or fewer.We found that leaders make up 9%of the market today,consistent with our 2021 research.But there are more intermediate organizations:42%,ve

110、rsus 35%of the sample a year ago.and there was a similar drop in the number of beginners,from last years 56%to 50%.The growth of intermediate orgs at the expense of beginners suggests a maturing market,but the leadership level remains a very exclusive 9%.Looking closely at the breakdown on the previ

111、ous two pages,we see backsliding in the skills and tools categories for both leaders and intermediate orgs.This may in part be attributable to a tighter labor market bumping heads with an increasing number of data initiatives,and to an ever-growing number of challenges and tooling options.The Econom

112、ic Impact of Data Innovation 2023|Splunk 25aPPendIXDemographicsUnited StatesUnited KingdomGermanyFranceIndiaJapanAustraliaNew ZealandSingaporeOrganizations by Region Asia Pacific:34%Western Europe:33%North America:32%The Economic Impact of Data Innovation 2023|Splunk 26aPPendIXOrganizations by Indus

113、tryOrganizations by Annual Revenue19%10%15%13%11%5%25%$100M$0$750M$500M$1B$5B$10B14%16%17%4%10%28%3%8%Financial servicesRetailManufacturing/resourcesHealthcare/life sciencesTechnologyComms/mediaPublic sectorOtherThe Economic Impact of Data Innovation 2023|Splunk27aPPendIXRespondents Relationship to

114、DataUse data to solve problems/inform business decisions:37%Work closely with data management team to solve problems/inform decisions:16%Both:47%IT/IT security:74%Manufacturing/logistics:7%Sales:6%AppDev:4%Data science/data architect:4%Engineering:4%Marketing:2%Respondents by Job FunctionIT Responde

115、nts by Job TitleSenior IT/security exec:43%Senior IT/sec mgmt:49%IT/security mgmt:8%Line of Business Respondents by Job TitleC-level:17%Senior mgmt:49%Management:34%splunk provides the leading unified security and observability platform.We help organizations use data at any scale to become more secu

116、re and resilient so that they can innovate with speed and agility.splunk,splunk and Turn data Into doing are trademarks and registered trademarks of splunk Inc.in the united states and other countries.all other brand names,product names or trademarks belong to their respective owners.2022 splunk Inc.all rights reserved.22-25379-splunk-economic Impact of data Innovation 2023-eB-106-digitalLearn More