Today’s hyper-connected technology, communication, and media-obsessed culture generate tremendous quantities of data. Why is this massive volume of data important? Data is enterprises’ gateway to understanding customers and catering to them in a world where customization is the rule, not the exception.
During much of COVID-19, the priority for many organizations was survival. To continue to serve customers, digital transformation efforts needed to accelerate. Because of this, we hypothesized that focusing on digital transformation and data equally simply was not possible for most. To better understand the data landscape in TMT, KPMG in collaboration with HFS Research analysed survey results from more than 300 TMT executives in North America, Europe, and Asia Pacific.
Study shows is that TMT companies are underutilising their data resources
- Only 32 percent fully utilize their customer data.
- Fewer than 10 percent rate their organizations’ level of maturity as world class for data monetization, data management and architecture, and data quality and governance.
- 75 percent believe that using enterprise data effectively can radically change their business models.
The bottom line: TMT companies must start treating data strategy as a foundational enterprise capability
- Treat data like an asset and its use as a competitive.
- Target at least 10 percent of overall revenue from the monetization of data through new products and services.
- Rethink the steps to achieve a cloud-based data architecture leveraging hyperscalers globally.
- Use data in addition to process and others as the foundation of a connected enterprise within TMT.
- Drive transformation through the use of data with a focus on customer centricity.