In today’s world, it is increasingly common to hear about data in every area of the business, and considering this, the strategic importance of identifying ways and means to fully exploit its value continues to grow.
Data-driven strategies, the level of penetration
According to a study conducted by Forrester Consulting for Dell Technologies, 73% of Italian companies said they have noticed a significant growth in the use of internal data. Data that can be used to optimise internal processes, make strategic decisions and power systems that maximise sales targets.
But despite this, around 70% of companies say they find it difficult to collect, organise and use the vast amount of data available. On top of this, companies are finding it increasingly difficult to find the human resources to effectively handle and interpret the data at their disposal. These problems have arisen as a result of the exponential growth of the IT sector in recent years, which is hardly matched by the number of professionals trained in recent decades, together with the increasing heterogeneity and complexity of the data itself.
Data-driven strategies, the lack of internal competences
It is for this reason that many companies decide to identify as a partner a company able to provide these skills and to develop tools capable of simplifying the process of data valorisation and providing management with indications on the most profitable choices.
Premoneo has become a provider of leading companies in various sectors, developing custom software that allows companies to respond to rapidly changing market scenarios with the support of Data Science and Artificial Intelligence. The in-cloud products are developed on the Premoneo Engine, a powerful calculation engine based on sophisticated mathematical-statistical models and advanced Artificial Intelligence technologies. With Premoneo it is possible to analyse datasets of any kind to optimise pricing, study customer behaviour and obtain accurate forecasting models, as well as real-time monitoring of sales results.
Data-driven strategies, the strategic value of data
It is important to bear in mind the enormous information potential of data and its usefulness in many different business areas. Often, the complexity and number of data available imply the need to adopt tools, often based on artificial intelligence, that can simplify the structure and make their use more accessible in various business areas.
The data generated every day from a variety of sources and in different formats often requires appropriate tools and skills to be analysed correctly. Several studies have already confirmed for years that a truly data-driven company has advanced capabilities to support decision-making processes and the ability to increase its productivity by 5% and its profitability by 6% (McAfee and Brynjolfsson, 2012).
Data-driven strategies, investments in AI tools
In addition, according to research by the Big Data Analytics & Business Intelligence Observatory of the School Management of the Politecnico di Milano, the Italian Big Data Analytics market has been steadily expanding since 2014, with an average growth of 21% per year. 45% of analytics spending is dedicated to IT solutions, such as tools to acquire, process, visualise and analyse data, applications for specific business processes and databases. Finally, the research shows that the sectors with the largest investments in data analytics are banking, manufacturing, telco, retail and insurance, 88% of which are large companies and 12% SMEs.
In general, therefore, it is clear that Italian companies need to finalize their digital transformation process, through the adoption of an effective strategy for the management and organization of data, to make it the basis from which to optimize their business strategies.