Almost every weather-related headline in the media or corporate annual reports focuses on the associated negative impacts for organizations. And there’s a lot to report: in 2017 alone, there were 330 catastrophic weather events, 31 of which each resulted in damages of more than 1 billion USD. Even “normal weather” impacts nearly every industry on a daily basis, whether through food and heating needs, rates of crop growth, or the efficiency of energy and transport networks.
To better understand how weather impacts organizations globally and across industries, the IBM Institute for Business Value (IBV), in cooperation with Oxford Economics, surveyed 1,000 global C-level executives representing 13 industries and 15 countries.
Our research indicates that weather has both negative and positive impacts on organizations that can translate directly to income statements. An overwhelming majority of executives say better weather-related insights can reduce costs and increase revenues.
So what’s holding them back? The executives surveyed identified six key business and technical challenges that inhibit their organizations from deriving more insights from weather data. Fortunately, these challenges are relatively easy to address.
This report identifies lessons learned from companies that have successfully overcome these challenges and shares how actionable insights can help organizations quickly move from “blaming the weather” to capitalizing on it.