The future of data – A dive into the impact of Covid-19

The Covid-19 pandemic has created new challenges for businesses looking to gain valuable insights from data. In a new Dun & Bradstreet survey of European companies, 52% of the respondents said their business simply won’t work without using hiqh-quality data.

As the pandemic threw the world into turmoil, many companies picked up speed in their journey towards capitalising on data. “With the enormous growth in available data, businesses don’t need just any information, rather data that’s carefully curated, timely and accurate,” said Anthony Scriffignano, Senior Vice President and Chief Data Scientist, Dun & Bradstreet.

”In other words,” he added, “data that’s fit for purpose.”

Download the new report: The Future of Data – A dive into the power of data

In the past two years, the pandemic has disrupted supply chains globally, which poses serious challenges to many companies. Three out of five survey respondents are using data to monitor procurement and supply (62%).

“Thinking about whether data is accurate and actually reflects what’s going on – or is in fact obsolete and irrelevant – is key,” said Scriffignano. “The pandemic has pushed that imperative right up the business agenda.”

The survey found several common concerns among business leaders: Doubts about the accuracy of the data being stored for planning purposes (47%); uncertainty about having the appropriate technology to get full value from data (46%), and worries about the business moving forward fast enough to maximise data use (45%).

Dun & Bradstreet’s survey results showed a high level of understanding that the acquisition of data is only the first step – storing and organising the information to facilitate analysis must be part of any data strategy. Seven out of ten surveyed business leaders believe that effective data management can offer a competitive advantage (73%).

“In any crisis, the organisations that thrive are those that partner together to share skills and knowledge,” said Rikard Candell, Analytics Director, Dun & Bradstreet Europe. “Nobody can do this alone. That’s why it’s so valuable to partner with data specialists.”

This survey of 1,704 business decision makers was conducted by Censuswide in August 2021. The respondents came from organisations based in the UK, Germany, Austria, Sweden, Switzerland, Norway, Denmark, Finland, Poland and Hungary.

Download the new report: The Future of Data – A dive into the power of data

A dive into the power of data across Europe
New Report is out
The Future of Data 

      Read the report here