In recent years, companies have realised the significance of making quick decisions based on high-quality data. Businesses must be nimble enough to deal with persistent issues ranging from cost-cutting and supply chain issues to product development and market changes. Of vital importance post-pandemic, according to technology executives and experts, is developing a long-term data strategy. As a result, their company can manage, access, analyse, and react to data in real time in order to make critical business decisions.

A worldwide survey of 357 business leaders conducted by MIT Technology Review Insights and Amazon Web Services shows that organisations of all sizes and sectors understand the crucial importance of becoming data-driven. However, a data strategy can not be left to chance.

Data is Critical

The past year and a half have been disruptive for businesses across a variety of sectors, partially as a result of the pandemic. Because March 2020 involved a colossal upheaval, many organizations had to alter course rapidly in order to provide a remote workforce in addition to staying on top of consumer behaviour and market demands. Even in the face of unprecedented disaster, the majority of organisations continued to develop.

Nearly half of respondents (45%) say their company has grown over the past 18 months, characterising it as a ‘thriver.’ However, it is not surprising that other organisations were able to maintain their efforts or just not shut down, after such a severe period. Despite whether organisations are thriving, maintaining, or simply surviving, no one doubts the significance of data.