Digitalization is advancing in all areas of the economy, but many German companies are lagging behind in one crucial aspect: the effective use of their data. A recent study by the Digital Association Bitkom reveals alarming figures: Only 6 percent of German companies fully exploit the potential of their available data.
This is a clear indication that Data Science as a core competency of digitization is not yet adequately recognized and implemented.
Source: https://www.bitkom.org/Presse/Presseinformation/Datenoekonomie-Deutschland-2024
The Data Economy as the Key to Success
Data is referred to as "the new oil," yet it is astonishing that only 6 percent of German companies actually use their data in business processes. The ability to derive valuable insights from data and incorporate them into strategic decisions is increasingly becoming a decisive competitive advantage. Companies that overlook this development risk losing ground to international competitors.
Data Literacy as the Foundation
A major reason for the insufficient use of data is the lack of data literacy in many companies. Data literacy—the ability to read, understand, analyze, and communicate data—is a core competency that should be present at all levels of a company.
Without this competency, companies cannot fully exploit their data potential and miss opportunities for process optimization, customer understanding, and the development of innovative solutions.
Investments in Skills and Technologies
To overcome the challenges of digitization, German companies must strategically invest in building Data Science competencies. This means not only hiring or contracting specialized Data Scientists but also training existing employees. At the same time, it is important to invest in modern analytics and AI technologies that enable the efficient processing of large data volumes and the extraction of valuable insights.
From Data Collection to Value Creation
Many companies collect data but do not know how to use it profitably. The key lies in developing a clear data strategy that is closely aligned with business goals. Companies must learn to work backwards from the most important business decisions to identify which data and analyses are needed to support those decisions.
Conclusion: Prioritize Data Science
German companies must recognize Data Science as both a main challenge and a key to successful digitization. Developing a data-driven corporate culture, investing in skills and technologies, and strategically utilizing data and AI are essential to compete globally. Only by prioritizing Data Science can companies fully exploit the opportunities of digitization and remain future-proof. COSBOO supports companies in leveraging their data treasures and developing comprehensive analyses and process optimizations. This creates a reliable foundation for data-based decisions for our clients.
