19% of the total respondents in Latin America expect a high ROI from investments in established technologies such as cloud, IoT, mobil, and 11% expect an ROI from emerging technology such as blockchain or 5G
The twentieth edition of IBM's "Build Your Trust Advantage" study, released every six months, interviewed around 13,500 executives worldwide to examine how companies achieve market leadership, emphasizing confidence in the use and exchange of data .
The survey, conducted by the IBM Institute for Business Value (IBV) in cooperation with Oxford Economics, interviewed C-level executives responsible for leading brands in 98 countries and 20 industries worldwide, including Latin America. The study showed that market leadership is achieved more often when an organization establishes a high level of trust in its customers' data, in its business processes and with the partner ecosystem.
Through quantitative and qualitative research, it was clear that there was a group of leaders who stood out for understanding that transparency and reciprocity are essential ingredients to gain customer confidence, as well as generate growth. These leaders take advantage of data to build consumer confidence, create a data-based decision-making culture, and often share data with ecosystem partners without giving up competitive advantage. It was also found that this group outperforms its peers in innovation and change management, as well as in revenue and profitability growth, offering higher 165% results.
These leaders have a deep understanding that building trust in customer relationships is a strategic imperative and work hard to win and keep them. Indeed:
• 82% from leaders firmly believe that data helps create a strategic advantage for strengthening consumer confidence and results.
• Leaders also outperform their peers by 22% in their ability to respect the privacy of customer data as a central competitive advantage.
This is extremely important at a time when consumers report more concerns than ever about their willingness to share personal information. A related study by IBM on data privacy found that 81% of global consumers say that last year they were more concerned with how companies use their data.
Fortunately, the same study found that there is also a greater willingness to share information with companies that have transparency regarding the use of data: 81% said they actively support companies that are transparent about how they use their data and avoid doing business with organizations other than do. As a result, companies that have earned customer trust are more likely to retain the data they have. "Leading organizations that put their trust at the center of how they use data with their customers are creating huge opportunities for greater success," said Mark Foster, senior vice president, IBM Global Business Services. "Today's companies need to be able to gain the trust of their customers while relying on data from their own processes and ecosystems, or they will quickly fall behind their peers."
Although the study is focused on the need for transparency in how companies handle customer data, it also highlights the importance of relying on data found in an organization. It has been found that leaders strive to ensure that data within their own walls is accurate and clean, so that they can take advantage of it to make better informed decisions, such as developing new business models and entering new or emerging markets.
• Eight out of ten leaders say they and their colleagues rely heavily on data to improve the quality and speed of the decisions they make.
• 70% already use the data extensively to develop new business models (112% more than their peers), while 66% already use the data to make informed decisions when entering new markets.
• In Latin America, 14% of respondents are getting the highest returns from using their data and outperform their peers in revenue growth and profitability.
The study also revealed an emphasis on the importance of creating reliable ecosystems. Data that simply remains within the organization is more likely to deviate than to increase its value. Leading organizations are releasing their data and eliminating the risk of data exchanges in a shared ecosystem, allowing them to circulate widely, without sacrificing the responsibility of securing licenses and protecting them. This behavior will continue to grow over time:
• 56% of leaders are already acquiring and sharing data widely with their partner network and 85% expect their partner networks to expand in the coming years.
• Leaders hope that the evolution of digital business platforms will require a new approach to data sharing.
• 62% from leaders are already integrating new monetization modes into their data strategies.
Access the full results of the study here: http://ibm.co/c-suite-study
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