When data platform company Snowflake (NYSE: SNOW) had its initial public offering in September 2020, it immediately became one of the most highly valued publicly traded cloud and software companies. Even after high inflation, rising interest rates, and the possibility of a global recession reduced its value, the company remains among the most highly valued cloud companies in the market.

Here is one big reason Snowflake outperforms the rest of the cloud and software industry.

Over the last two years, several consulting firms have published research concluding that data-driven companies are more likely to acquire customers, beat revenue goals, and increase profits than those without a data strategy. As a result, business leaders have become more aware that to remain competitive in their industry, they must pursue data-driven and digital transformation strategies -- requiring increased investment in data management technology. And many companies are choosing Snowflake for this essential service.

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Source Fool.com