Organisations in India that harness the power of data can grow their annual business revenue by 13.6 per cent on average. For large organisations, this is equivalent to ₹7,451 million in additional annual revenue, according to a report by Amazon Web Services.
The report is published on the sidelines of the launch of AWS Data Lab in India, a program that offers customers AWS technical and strategic resources to help accelerate their data, analytics, machine learning, and application modernisation projects.
The Demystifying Data 2022 report further noted that more than half (63 per cent) the organisations surveyed in India shared that effectively capturing and analysing data can lead to improved productivity, followed by increased sales and revenue (60 per cent), and improved customer experiences (56 per cent).
Data maturity
However, the report found that despite the growing importance of data capabilities in an increasingly digital world, 93 per cent of organisations in India are still in the Basic and Beginner stages of data maturity.
The report said surveyed organisations in the retail trade sector ranked the highest on the data maturity scale, with 78 per cent of these organisations achieving Advanced or Master levels, followed by information, media, and telecommunications (68 per cent), and finance and insurance (67 per cent).
Conversely, organisations in education and training have the lowest levels of data maturity, with less than 30 per cent of surveyed organisations in that industry achieving Advanced or Master levels of data maturity.
AWS said it has launched AWS Data Lab in India to help organisations accelerate data maturity. AWS Data Lab is a complimentary program that brings customers and AWS data specialists together to solve complex data challenges in tangible ways, using AWS, said the company.
