At Heap, we’ve long argued that data-driven companies see more success. Now a new IDC White Paper reveals a direct correlation between data maturity and business success.
Regardless of industry, size, or location, companies that are data mature enjoy nearly 2.5X better business outcomes than those that aren’t.
A newly released IDC white paper, sponsored by Heap, reveals the impact of data practices on digital experience teams. The independent report, “How Data Maturity and Product Analytics Improve Digital Experiences and Business Outcomes,” surveyed over 600 product builders and data scientists across company product teams in the US and UK.
What was found? When it comes to digital experiences, data mature companies achieve 2.5x better business outcomes.
As shown in the chart to the right, significant increases were seen for revenues and profits, efficiency, higher NPS scores and lifetime customer value.
But it’s not just the top companies that see results. Data maturity progresses in developmental stages as better data practices are implemented within an org.
Figuring out the best path to data maturity isn’t a guessing game. The IDC White Paper found that top companies combined a specific set of tools, practices, and culture, while the lowest performers were found to succumb to the same pitfalls.
Want to know how your team's data practices stack up? Take our data maturity evaluation and see where your team could improve!
Take Data Maturity Quiz
What does it mean to be data mature? It boils down to how well a company leverages data for decision-making. Rather than relying on gut instinct or defaulting to the status quo, data mature companies make decisions based on quantifiable insights into their customers.
The IDC White Paper revealed several trends that help define data maturity, along with the most common ways data practices fall short. Key findings include:
98.4% of mature teams have a good to excellent understanding of customer journey friction points
Despite huge gains, 69% of companies say that decisions are often driven by the HIPPO (Highest Paid Person) without regard for data
82% of top teams have data validation fully automated, clearly-defined data access policies, and the ability to control data management
Evaluate how your team’s data practices compare against the top-performing teams by downloading the full IDC White Paper.
Get an overview of the key findings from the IDC White Paper in the IDC InfoBrief below:
Download IDC InfoBrief
There’s no time better than now to start becoming more data-driven. To help guide your data journey, we’ve created a series of instructional worksheets and how-to guides.
These guides should provide your team with easy-to-use frameworks for becoming more data-informed. Through each exercise, digital experience teams should learn fundamentals from what to measure to how to make data actionable.
Get actionable recommendations for building data-driven practices and help your org become more data mature.
Data Maturity for Financial Services
Data Maturity for Retail
Realizing business value through analytics is the culmination of many small wins pursued over time. You don’t do one analytics project a year to change the business. Using Heap we can make frequent data-informed decisions and iterate our approach each and every day.
Customer & Product Analytics Manager
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