5. Organisations that prioritise data-led decisions will steal market share Many British C-suite leaders fear having to hold and process huge volumes of data, due to the risk of regulatory breaches and heavy fines. However, according to recent VMware research of 100 C-suite executives in Forbes Top 2000 companies, fifty-eight per cent fear they will fall behind if they don’t make better use of their data. Innovation can’t be put on ice, especially in economic downturns. It isn’t a nice-to-have, it is what creates competitive advantage, attracts and retains employees, and creates shared value. Data is key to this. If business leaders can better utilise their data, they will be better placed to generate real business advantage fromtheir innovation investments. Ultimately, with the UK facing an imminent recession, most businesses are unlikely to have the budget required to invest in all of these technologies in the next 12 months. As these technologies continue to evolve and develop in the long-term, we’ll only see them become more commonplace and engrained in our daily business practices. It’s therefore important to work with your CTO to decipher exactly what your company needs and should prioritise in the coming year.
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