Indian organisations that use data can grow revenue by 13.6% each year: AWS report
AWS has launched a data lab to accelerate data maturity of organisations in India. Its report says this approach will transform how businesses solve problems and build customer experiences.
Indian organisations that leverage the power of data can increase their revenue by 13.6% each year on average, which is equivalent to Rs 7,451 million in additional annual revenue for large organisations, according to a report commissioned by (AWS), the cloud computing unit of .
In addition to releasing the findings from the ‘Demystifying Data 2022’ report, the company launched AWS Data Lab in India to accelerate the data maturity of organisations in the country.
“Data can be an invaluable source of growth for organisations in India. The key is to put data to use by analysing it effectively and creating a data-driven culture,” said Puneet Chandok, President of Commercial Business, AWS India and South Asia.
He added that an increase in organisations' data maturity will transform how they go about solving problems and building customer experiences, leading to breakthroughs in all fields, including healthcare, ecommerce, and manufacturing operations.
The report prepared by Deloitte Access Economics surveyed 521 senior business decision-makers in Indian organisations.
More than half (63%) of organisations surveyed in India shared that effectively capturing and analysing data can lead to improved productivity, followed by increased sales and revenue (60%), and improved customer experiences (56%), the report noted.
However, the report found that 93% of organisations in India are still in the basic and beginner stages of data maturity. The main barrier cited by organisations to use data and analytics was data quality (64%), data security and risk (60%), and the lack of a data and analytics strategy (59%).
Besides, more than half of organisations in India (55%) reported a lack of access to skilled resources as a barrier to developing their data and analytics capabilities, according to the report.
“To effectively turn data into a business advantage, organisations should have a clear and practical roadmap for advancing on the data maturity ladder, invest in attracting and retaining talent, and leverage the right technology to reap the full benefits,” said Monojit Mazumdar, Partner at .
He said that investing in cloud solutions will help businesses to accelerate their data maturity levels and achieve data-driven insights.
Amazon's cloud unit said its data lab would bring customers and its data specialists together to solve complex data challenges in tangible ways, using AWS. During the engagement, its Data Lab Solutions Architects and service experts would support customers by providing guidance, sharing best practices, and removing technical roadblocks.
The AWS Data Lab in India joins a network of labs across the world, including Australia, ASEAN, New Zealand, Brazil, Korea, the United Kingdom, and the United States.
Amazon also offers a range of digital courses, such as AWS Data Analytics Fundamentals, as well as certifications, like the AWS Certified Data Analytics credential.
Edited by Teja Lele