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27 Apr 2022

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Study: 'Canadian businesses lack comprehensive data strategies'

An economy in a large Western country is not automatically digital by definition. That is one of the conclusions from a Microsoft Canada-commissioned study. Two-thirds (61%) of Canadian business leaders say that getting actionable insights from data is key to their success. However, only a third of Canadian businesses have a comprehensive data strategy, and fewer still (31%) claim to be data-driven.

The survey explores whether Canadian business leaders are effectively using data to drive growth and innovation, stay competitive, and improve customer experiences. Microsoft surveyed 658 business decision-makers from Canadian companies ranging from small businesses with fewer than 10 employees to large corporations (500+ employees).

According to the survey, there is a significant difference between what business leaders say they need to succeed and what they actually do to succeed. 71 percent of the surveyed business leaders say their organization is on par with the industry or even a leader in its level of digital sophistication, but only 4 out of 10 of them say their organization currently uses the cloud. Considering global consultants unanimously state that the cloud is critical to meeting the demands of a modern business, this is a surprisingly low percentage. Only 34 percent of respondents indicate that making better use of the data they have will be a priority in the coming year.

Interestingly, nearly half (46 percent) of respondents stated their organization aims to become more data-savvy, but only 34 percent said they currently use data analytics tools or services. Less than 20 percent of those not using data analytics tools or services plan to do so by 2022.

Photo credit: Jason Hafso

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