Report: How Data Maturity Affects Your Business Results

The most mature digital product analytics teams (that make the best use of digital analytics tools and processes) have: 2.5 times greater improvement in business results across the board than the least advanced teams. When measuring revenue improvement as an operating income, the most mature (aka leaders) outperformed the least advanced (aka laggards) by nearly 28%.

Independent investigation of a newly released IDC white paper, sponsored by Heap analysis“How data maturity and product analytics improve digital experiences and business outcomes” surveyed digital experience decision makers to better understand the maturity levels that currently exist in the adoption and use of digital product analytics technology, culture and practices .

The document focuses on the impact of data maturity on business outcomes, as well as identifying best practices and opportunities for improvement. The research found that greater data maturity — which is how well a company uses and leverages data when making decisions — resulted in higher revenues and profits, better efficiency, higher NPS scores, and lifetime customer value.

Data Maturity Best Practices

The report also revealed the best practices of data maturity leaders, including that 98% of leaders have a good to excellent understanding of the friction points of the customer journey, while only 29% of laggards indicated a good to excellent understanding have in this area. Surface.

With regard to automation, 80.1% of leaders fully automate their data validation, data access policies and dataset management processes, while only 3.2% of lagging organizations fully automate these processes. 72.1% of lagging organizations use manual processes or basic automation for data validation, data access, and dataset management.

In addition, 84% of leading teams get answers in minutes or hours, compared to just 3% of laggards; and 89% agree that their organization celebrates experiment learning, while 77% of lagging teams believe their organization does not celebrate experimentation.

Needs improvement

However, the survey also showed that there were points for improvement for all companies. In the most surprising findings, 69% of all companies say that decisions are often driven by the HIPPO (Highest Paid Person) without regard to data.

A majority (81%) of leading companies believe they could do more with the data made available to them.

Improvements for lagging companies include access to the right tools or formal data analytics training processes. More than 65% of lagging companies do not have access to tools such as session replays or tools to identify specific friction points in the user journey, and only 31% of lagging organizations have formal training processes in place, compared to 71% of leaders .

To reveal these findings, IDC surveyed more than 600 digital product builders to determine their data maturity levels and use of digital analytics technology, as well as their culture and practices. IDC then analyzed the survey responses and identified four maturity groups (lagging, advancing, advancing, and leaders), ranking the responses from lowest to highest maturity level.

Read the full report of Hope.