IBM’s latest bi-annual Study “Build Your Trust Advantage”, surveyed over 13,000 C-Suite executives to understand how enterprises are achieving market leadership. The global survey has offered insights on leveraging data to achieve market leadership
The study conducted by IBM Institute for Business Value (IBV) in cooperation with Oxford Economics found that market leadership is most frequently attained when an organisation establishes a high level of trust in the data from its customers, its business processes, and across its partner ecosystem.
‘Market leadership is gained or lost by the level of trust an organisation can create.’
Torchbearers
One group outperformed their peers in revenue growth and profitability. Dubbed as “Torchbearers”, about 9% of the C-Suite leaders surveyed had leveraged data to build customer trust, nurtured a culture of data-based decision-making and shared data with their partners without giving away competitive edge.
These leaders have a deep understanding that building trust in customer relationships is a strategic imperative and work hard to earn and maintain it.
“Leading organizations that have put trust at the core of the way they use data with their customers are creating massive opportunities for greater success,” said Mark Foster, Senior Vice President, IBM Services and Global Business Services.
“Today’s businesses need to be able to earn trust from their customers while also trusting the data from their processes and ecosystems, or they will quickly fall behind their peers.”
Respect and Value Data Privacy
Importantly, a growing number of leaders respect and value data privacy as a competitive advantage. This is significant considering the growing awareness and concerns customers have over the security of their personal information.
The study confirms several important points:
- Data Privacy as a competitive edge, not a mere business imperative
- Trust in Data Quality important to enable speed of decision-making
- Need to create trustworthy ecosystems, not just within an enterprise.
