Today’s hyperconnected technology, communication and media-obsessed culture generates 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 customisation is the rule, not the exception.
During much of COVID-19, the priority for many organisations was survival. To continue to serve customers, digital transformation efforts needed to accelerate. Because of this, we hypothesised that focusing on digital transformation and data equally simply was not possible for most. To better understand the data landscape in the technology, media and telecom (TMT) sector, KPMG in collaboration with HFS Research analysed survey results from more than 300 TMT executives in North America, Europe and Asia Pacific.
What this study shows is that TMT companies are underutilising their data resources:
- Only 32% fully utilise their customer data
- Fewer than 10% rate their organisations’ level of maturity as world-class for data monetisation, data management and architecture, and data quality and governance
- 75% 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.
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