A recent study conducted by IBM
Institute for Business Value (IBV) in cooperation with Oxford Economics,
has revealed that market leadership is most frequently attained when an
organisation establishes a high level of trust in data from its
customers, its own business processes, and across its
partner ecosystem.
To believe in the efficacy of such data,
organisations must first gather data, which is key to business success,
analyse such information through data analytics and make use of the
results from the data analytics to make informed business decision.
The idea of believing in data analytics,
is the focus of the IBM’s 20th edition of its bi-annual C-Suite Study,
titled: “Build Your Trust Advantage,” which polled nearly 380 C-level
executives across African countries, Nigeria inclusive, designed to
examine how companies are achieving market leadership by emphasising
trust in their use and sharing of data.
The study stated that 91 per cent of
leaders strongly believe data helps create a strategic advantage in
strengthening their level of customer trust as well as their bottom
lines.
According to the study, through the
quantitative and qualitative surveys issued, it became clear there was a
set of leaders – dubbed “Torchbearers” – that stood out as
understanding that transparency, reciprocity and accountability are
critical ingredients for earning trust among key stakeholders.
This group was found to outperform peers in revenue growth and profitability, delivering 169 per cent higher results, as well as in innovation and managing change. The leaders were seen to have a deep understanding that building trust in customer relationships is a strategic imperative and work hard to earn and maintain it.
This group was found to outperform peers in revenue growth and profitability, delivering 169 per cent higher results, as well as in innovation and managing change. The leaders were seen to have a deep understanding that building trust in customer relationships is a strategic imperative and work hard to earn and maintain it.
The study was said to be critically
important at a time when consumers report more concerns than ever before
in their willingness to share personal information.
Analysing the study, the Director, IBM
Institute for Business Value (IBV), Lan Fletcher, said: “Leading
organisations that have put trust at the core of the way they use data
with their customers are creating massive opportunities for greater
success. Today’s businesses need to be able to earn trust from their
customers while also trusting the data from their own processes and
ecosystems, or they will quickly fall behind their peers.”
While the study focuses on the need for
transparency on how companies handle customer data, it also highlights
the importance of trusting data that’s within an organisation. African
leaders were found to take great pains to ensure that the data within
their own walls is accurate and clean so they can leverage it to make
the best-informed decisions on important business ventures, such as
developing new business models and entering new or emerging markets.
According to the study, 82 per cent of African leaders say they have
deep trust in data to perfect the quality and speed of the decisions
they make, while 79 per cent already extensively use data to develop new
business models, and 85 per cent already use data to make informed
decisions on entering new markets.
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