Organisations in India that harness the power of data can potentially grow their annual business revenue by 13.6 per cent on an average, which is equivalent to up to Rs 745.1 crore in additional annual revenue in case of large organisations, a new report by Amazon Web Services (AWS) said.
Amazon's cloud computing unit, AWS, has also announced the launch of AWS Data Lab in India, a move the company said aims to help more organisations accelerate their data maturity journey.
"AWS, an Amazon.com company, released findings from a new research report, which shows that organisations in India that harness the power of data can grow their annual business revenue by 13.6 per cent on average," AWS said adding for large organisations, this is equivalent to Rs 7,451 million in additional annual revenue.
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According to a statement, the Demystifying Data 2022 report surveyed 521 senior business decision-makers in Indian organisations. It was commissioned by AWS and prepared by Deloitte Access Economics.
Over half (63 per cent) of 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).
That said, 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.
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The report measured data maturity – the extent by which an organisation uses the data they produce – using a five-point scale, which ranged from Basic and Beginner (limited or no data strategy, not effectively capturing or analysing data), to Intermediate (emerging data strategy, data is analysed on an ad-hoc basis), to Advanced and Mastery (firmwide data strategy, analytics embedded frequently into decision-making).
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).
It found that 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 launched AWS Data Lab in India, a program that offers customers technical and strategic resources to drive their data, analytics, and machine learning, and application modernisation projects.
The AWS Data Lab in India joins a network of labs across the world including Australia, ASEAN, New Zealand, Brazil, Korea, United Kingdom, and United States.
"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," the AWS statement said.
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During the engagement, AWS Data Lab solutions architects and service experts support customers by offering guidance, sharing best practices, and removing technical roadblocks. Customers leave the engagement with a prototype that is custom fit to their needs, a path to production, and deeper knowledge of AWS services, the company explained.
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