We’ve all heard the phrase “data is the new oil,” but its timeliness cannot be understated. More than ever, enterprises are focused on creating new business value, improving efficiency, and being fierce competitors in the marketplace. In short, a data-driven mindset has become imperative. As a recent 451 report shows, the benefits are demonstrated by research and driving companies to seek data management solutions.
In a 2020 data management survey, 81% of respondents say that data will be more critical to their organization within 12 months. Topping the reasons why are: increased sales (61%) and enhanced customer service and engagement (52%), both of which focus on new business value.
To support growing data culture, organizations are investing in new data management products and services, including third-party data marketplaces (e.g., AWS Data Exchange) and enabling technology models (e.g., Harbr). With their new data democratization and monetization value propositions, more than 20% of survey respondents are currently using data marketplaces—a growth spike of 27% in just two years—as proof of their momentum.
Data marketplaces aren’t just making their mark for internal business users but for external stakeholders as well. This is supported in our survey, where more than 75 percent of respondents agree that the ability to share and collaborate more closely on data with their partners, suppliers, and customers is becoming increasingly critical to their business.
When selecting a vendor, top criteria include cost (58%); security (51%); and reliability (48%). These investments require the involvement of the emerging role of chief data officer (CDO); IT management (CIO); or the executive management group (CEO).
Explore more detailed information in the Data Marketplaces Create Momentum Driven by the Growing Importance of Data. You’ll get a comprehensive breakdown of survey results and trends, an understanding of major data management and analytic products used by decision-makers, and data marketplaces use cases.