VIRTUALLY EVERY COMPANY out there is trying to capitalize on the promise of data and analytics — or should be. While leading firms like Amazon and Alibaba seem to have cracked the code, most are still finding their way and many remain unsure where to start. A 2021 study by NewVantage found only 39 per cent of executives believe their organizations manage data as an asset, and even fewer (24%) view their companies as being data-driven. Likewise, in its 2021 survey, Venture-Beat found that just 13 per cent of executives believe their organizations are delivering on their data strategy. These underwhelming findings are consistent with earlier studies by McKinsey, Deloitte and BCG that revealed a large majority of senior leaders are not satisfied with the outcomes delivered through analytics.
What separates leaders from these lagging companies, and how can firms struggling with the analytics mandate catch up with — and even surpass — their competitors? To find out, we surveyed more than 300 senior executives across B2B industries about data-driven decision-making in their organizations and their performance on seven dimensions of analytics capability:
• The degree of consensus on the value of data and analytics as a strategic asset.• The extent to which senior leaders ‘walk the talk’ when it comes to data and analytics.• The level of development of structures and policies that support access to data for those who need it.• The ability to hire the right people and provide adequate training and support for them.• How effectively analytics complements both short- and long-term strategy.• The degree to which data and analytics allow the organization to keep pace with and anticipate evolving customer needs.• The extent to which people throughout the organization are encouraged to pursue creative data capture and analytical methodologies.
