INFOGRAPHIC
Research shows data collaboration is fundamental to tackle humanitarian challenges
Lenovo study shows businesses are set to invest an average of US $ 3 million in data technologies to help balance profit and purpose .
Methodology
The data comes from a survey of 600 C-suite executives and those reporting directly to C-suite . It was commissioned by Lenovo and conducted by FT Longitude in September 2022 .
The respondents represent a range of industries : transportation and logistics , business services , technology , media and telecoms , real estate and construction , pharma , medical and biotech , hospitality and leisure , industrial and chemicals , financial services , energy , mining or utilities , consumer and retail .
They represent five countries : France , Germany , Italy , the UK and the US .
enovo has announced
L the results of the Data for Humanity report , which cites a collaborative approach to data as fundamental to improving global stability and security .
The research indicates that companies successfully using data across several business areas are more likely than others to be taking action against humanitarian challenges . This same group , dubbed Data Leaders , are already benefitting financially too , with over three-quarters ( 78 %) having increased their revenues over the past 12 months , compared to only half ( 50 %) of those not fully harnessing their data .
With an expectation to increase their revenues by 50 %, the study also finds that companies will invest an average of US $ 3million in data technology and initiatives over the next 12 months . But while profit is undoubtedly important in these turbulent times , purpose is equally front of mind for business leaders .
Pioneering data for good
In the study , data is regarded as a solution for helping companies address humanitarian challenges while improving financial stability , with a quarter ( 26 %) of respondents indicating they want to do more with their data to benefit humanity .
The results indicate that the energy crisis is regarded as the biggest threat over the next three years , with nearly three-quarters ( 71 %) of executives expecting it to have a moderate to severe impact on their business . This is followed by the threats of global warming ( 59 %), poor healthcare ( 53 %) and income inequality ( 52 %).
However , only two-fifths ( 40 %) of respondents indicated their company is taking steps in the next three years to tackle the energy crisis , falling lower for global warming ( 33 %), poor healthcare ( 22 %) and income equality ( 18 %).
Collaboration for innovation
As datasets and analytical capabilities grow , senior executives believe that a collaborative approach to data will be fundamental to improving global stability and security . While over a fifth ( 23 %) do not know how to use data in a way that has a human impact , many feel that collaboration can benefit humanitarian purposes , innovation , as well as profitability .
Businesses are already sharing data with external partners and organisations to help improve education ( 46 %) and commerce ( 46 %), strengthen democracy and human rights ( 44 %), support environmental initiatives ( 43 %) and enable innovation ( 43 %).
Those yet to participate in data partnerships and ecosystems cite cost as the biggest barrier ( 60 %), followed by concerns around security ( 57 %) and risk and compliance ( 57 %).
The Data Leaders
Lenovo ’ s research identifies an elite group called the Data Leaders , making up 15 % of the sample and Data Followers making up 37 % of the sample .
Over the next three years , the Data Leaders are more likely than the Data Followers to be taking action against the energy crisis ( 60 % of Leaders vs . 33 % of Followers ), poor healthcare ( 29 % of Leaders vs . 18 % of Followers ), poor education ( 61 % of Leaders vs . 25 % of Followers ) and global warming ( 34 % of Leaders vs . 29 % of Followers ).
They also better understand the importance of data in solving these challenges and their most effective use of data is in progressing environmental , social and governance ( ESG ) initiatives ( 96 %). In contrast , only a minority ( 41 %) of Data Followers say they are effective here . � www . intelligentdatacentres . com
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