Report: 54% of orgs with advanced data analytics have increased their revenue

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According to a new Forrester survey launched by WNS, about two-thirds (63%) of decision makers recognize the importance of data and analytics in strategic decision making. The decision-makers come from seven major industries across the US, Europe, Australia and New Zealand – banking and financial services, insurance, manufacturing, retail, consumer packaged goods, life sciences and high-tech.

Importantly, studies have shown that organizations with advanced data and analytics maturity have seen measurable or significant benefits. In particular, more than half (54%) have achieved increased revenue, while another 44% have gained a competitive advantage.

Organizations with more digital maturity have managed the effects of epidemics and lockdowns more effectively than those behind. Data analytics has enabled them to become more agile, adapting to changes in supply chain, distribution and customer demand more quickly and efficiently. Despite the effects of the epidemic, 82% of organizations with advanced maturity have seen positive annual revenue growth over the past three years.

The survey also reinforces the fact that third-party service providers are key competitors in the organization’s data and analytics journey. Overall, 68% of decision makers surveyed expect to see an increase in their organizations’ spending on data and analytics over the next 12 months, including third-party service providers supporting data and analytics-based initiatives. In organizations already taking advantage of external support in their data and analytics journey, an average 42% increase in engagement is expected to plug the internal space into the required skills and abilities.

The study makes it an exciting case for organizations to excel at the five key capabilities of strategy, people, practice, data, and platforms, to advance the maturity of their data and analysis. It explicitly emphasizes the need for a clear strategy and recommends that C-Suite and key business leaders be involved in business strategies for data access, monetization and performance.

The survey polled 450 CXOs and key business leaders globally.

Read the full report via WNS.

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