Businesses can Increase their Revenues by 13.6% by Leveraging on Data

Indian organizations that harness the power of data can grow their annual business revenue by 13.6 percent on average. For large organizations, this is equivalent to ₹7,451 million in additional annual revenue, as per a recent research report commissioned by AWS and prepared by Deloitte Access Economics.

The majority of businesses (almost 63 percent) agreed that better data collection and analysis can result in higher productivity, followed by higher sales and revenue (60 percent) and better customer experiences (56 percent). Despite the growing significance of data capabilities in a world that is becoming more digital, the survey revealed that 93 percent of Indian firms are still in the Basic and Beginner stages of data maturity.

Retail trade companies had the greatest data maturity scores, with 78 percent of them earning Advanced or Master levels. Information, media, and telecommunications companies came in second with 68 percent, and financial and insurance companies came in third with 67 percent. On the other hand, firms in the education and training sector had the lowest levels of data maturity, with less than 30 percent of those surveyed in that sector reaching Advanced or Master levels.

Businesses can benefit from increasing data maturity, yet organizations in India still struggle to move up the data maturity ladder. Data security and risk (60 percent) and a lack of a data and analytics strategy (59 percent) were the three primary obstacles highlighted by firms as preventing the use of data and analytics.

“As businesses spend more in digital transformation, it has opened up possibilities for increased data use to boost productivity, bring in revenue, and have a good effect on the economy. However, according to our analysis, only 6 percent of Indian businesses have made essential investments in personnel, technology, and business procedures to fully exploit the value of their data,” said Monojit Mazumdar, Partner, Deloitte. “Businesses can accelerate their data maturity levels and get data-driven insights by investing in cloud solutions. In contrast to firms that have not utilized the cloud, those who have invested in artificial intelligence or machine learning capabilities are 94 percent more likely to have done so.”

AWS opens the AWS Data Lab in India to assist businesses in advancing their data maturity

In India, more than half of firms (55 percent) cited a lack of access to qualified personnel as a hindrance to the growth of their data and analytics capabilities. However, nearly two out of every five (38 percent) of the studied firms prefer to increase their data and analytics capabilities via hiring personnel. Another 29 percent of the firms polled want to train their present workers.

AWS has opened the AWS Data Lab in India to assist more businesses in accelerating their journey toward data maturity. It is a free service that teams together users and AWS data experts to use AWS to solve real-world problems with complicated data. AWS Data Lab Solutions Architects and AWS service professionals support customers throughout the engagement by offering direction, sharing best practices, and addressing technical obstacles. Customers walk away from the engagement with a prototype that is specifically tailored to meet their needs, a production path, and a broader understanding of AWS services. India’s AWS Data Lab is now a part of a global network of labs that also includes locations in Australia, ASEAN, New Zealand, Brazil, Korea, the United Kingdom, and the United States.