Join today’s leading executives online at the Data Summit on March 9th. Register here.
According to a new Forrester survey, commissioned by WNS, nearly two-thirds (63%) of decision-makers recognize the importance of data and analytics in strategic decision-making. These decision-makers come from the seven key industries of banking and financial services, insurance, manufacturing, retail, consumer packaged goods, life sciences and hi-tech across the U.S., Europe, Australia and New Zealand.
Importantly, the study reveals that organizations with advanced data and analytics maturity have seen either measurable or significant benefits. Specifically, more than half (54%) achieved increased revenue, while another 44% have gained competitive advantage.
Organizations with greater digital maturity have managed the impact of the pandemic and lockdown much more effectively than the laggards. 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 pandemic, 82% of organizations with advanced maturity have seen a positive year-on-year revenue growth over the past three years.
The survey also reinforced the fact that third-party service providers are key enablers in organizations’ data and analytics journey. In all, 68% of surveyed decision-makers expect to see an increase in their organizations’ spending on data and analytics in the next 12 months, which includes engaging third-party service providers for support in data and analytics-driven initiatives. Among organizations that already leverage external support in their data and analytics journey, a 42% average increase in engagement is expected to plug internal gaps in required skills and capabilities.
The study makes a compelling case for organizations, looking to advance their data and analytics maturity, to excel at the five key competencies of strategy, people, practices, data and platform. It underscores the need for a clearly articulated strategy and recommends that the C-suite and key business leaders should be involved in the business strategy for data usage, monetization and impact.
The survey polled 450 CXOs and key business leaders globally.
Read the full report by WNS.