Technology, Media and Telecommunications must capitalize on the data imperative

Today’s hyper-connected technology, communication, and media obsessed culture generates tremendous volumes of data.

Why is this massive volume of data important?

  • Data is enterprises’ gateway to understanding customers and catering to their expectations. What’s more, insights from data can help these firms develop new market strategies, discover new revenue streams, and capture market share from competitors.
  • The technology, media, and telecommunications (TMT) industries are at the forefront of data creation and therefore have access to a wealth of it. Yet, while TMT firms are aware of how critical data is, most are not yet taking full advantage of the opportunities; only 29% have adopted a comprehensive data strategy at scale. At the same time, more than 70 percent of TMT companies believe it is likely that effective and widespread data usage will radically change the business model.
  • As organizations rushed to survive and thrive during COVID-19, data capture, maintenance and architecture often took a backseat to cloud migration and mission-critical digital transformation initiatives.
  • Seventy-three percent of TMT organizations were focusing more on surviving and thriving because of the impact of COVID-19 and did not have time to think about the rich and vast data they were creating for themselves.

Now is the time for TMT firms to change this dynamic and take an aggressive stance on data strategy and embrace it for competitive differentiation.

About the report

To better understand the data landscape in TMT and quantify the opportunities for companies, KPMG and HFS Research surveyed more than 300 TMT executives in North America, Europe, and Asia Pacific.

This research, available for download now, revealed challenges and a path forward to adopting a holistic data strategy at scale.

Survey Summary

The survey was conducted with 302 C-level and functional executes across North America, Europe and Asia Pacific. Companies in scope include technology (Software, Hardware, IT services), media (broadcast, cable, movie/entertainment/ social media, marketing/advertising, publishing) and telecommunications (mobile and fixed data, internet and voice services) and with revenues exceeding $250M.

More than 50% of the respondents work for companies with over $2B. We also conducted 6 senior level executive interviews to explore more deeply the role of data in their company’s future plans.

The technology, media, and telecommunications (TMT) industries are at the forefront of data creation and therefore have access to a wealth of it. Yet, while TMT firms are aware of how critical data is, most are not yet taking full advantage of the opportunities; only 29% have adopted a comprehensive data strategy at scale.