Companies that are data-driven demonstrate improved business performance. McKinsey says that data and analytics can provide EBITDA (earnings before interest, taxes, depreciation, and amortization) increases of up to 25% [1]. According to MIT, digitally mature firms are 26% more profitable than their peers [2]. Forrester research found that organizations using data are three times more likely to achieve double-digit growth [3]. A study from Boston Consulting Group (BCG) found that four out of the first five innovative companies in the world are data firms [4]. Fundamentally, data has the potential to improve the company’s revenue, reduce expenses, and mitigate risk.
However, many companies struggle to leverage data for cambodia whatsapp number data operations, compliance, and performance. Harvard Business Review (HBR) research says up to 85% of big data projects fail [5]. A VentureBeat article says 87% of data science projects never make it into production [6]. There are many reasons for this. But one main reason is just capturing and storing data doesn’t help enterprises derive value from data; data needs to be used for business purposes [7]. Raw data needs to be processed to become an asset, and that data asset once derived should be further managed as a data product with clear utility and monetization.