Businesses in Ireland are failing to fully harness the power of data despite identifying digital transformation as a core leadership priority to drive positive business outcomes, according to new research released by Verizon Connect yesterday.
The survey undertaken by iReach on behalf of Verizon Connect shows that close to 7 in 10 business leaders have made harnessing the power of data a key business priority in the coming year. However, despite this, 4 in 10 have not even considered how they can leverage the data within their fleet of company vehicles to drive productivity, increase efficiencies and improve the customer experience.
The research found that the number one investment by business leaders undertaking a digital transformation strategy is technology transformation (52%). This is followed by customer experience transformation (38%) and supply chain transformation (27%).
These findings point towards a strong emphasis on using new technologies to improve business processes that ultimately benefit the end consumer. This is reflected in the fact 8 in 10 business leaders believe digital transformation will have a positive impact on their business.
Commenting on the data, Vice-President at Verizon Connect, Derek Ryan said, "With new technologies transforming the way people, vehicles and things move throughout the world, it is positive to see that almost 7 in 10 Irish business leaders are looking towards data to drive future growth and competitiveness. However, despite a widespread acknowledgement on the need to undergo digital transformation, our research points to a worrying ‘say-do’ gap which has emerged amongst business leaders. More than 4 in 10 businesses have not even considered harnessing the power of data from their most heavily utilised resource – their fleet of company vehicles."
He added, "To close this gap, leaders must set out a clear strategy as to how existing data across all of the business can be leveraged to deliver efficiencies and enhance the customer experience. With data being the fuel powering digital transformation, now is the time to turn business insights into genuine opportunity that can accelerate growth both now and into the future."