While more than 90% of business leaders believe that data analytics is critical to their business success, only 26% of these companies have reached analytics maturity.
FREMONT, CA: In today's marketplace, business analytics has become a powerful tool that organizations across several industries employ to improve their competitiveness. Numerous researches show that analytical capabilities boost operational efficiency and improve the financial performance of a business. To cope up with the dynamic characteristics of today's marketplace, global enterprises are increasingly investing in their analytical capabilities. Despite the rapid deployment of business analytics, there still remains a gap between enterprises' business priorities and performance, which can easily be overcome by developing workforce and process-related analytical capabilities.
While more than 90% of corporate leaders believe that data analytics is vital for their organization’s success, only 26% of such companies have achieved analytical maturity. In APAC, enterprises that are analytical experts after 10 to outperform their peers across every major industry while enjoying 56% cost reduction, 28% improvement in business model innovation, 17% improvement in new product development, and 12% increase in market expansion. In the region, Hong Kong houses the highest number of organizations that can be called analytics experts.
In order to achieve high levels of analytical maturity, businesses need to take into account the following vital factors: strategy, processes, workforce, and data. Corporate leaders who integrate these four critical aspects often enjoy high levels of buy-in and alignment among key stakeholders regarding their analytical capabilities. It is often noticed that businesses house data analytics capability but lack the necessary workforce and process functionalities. In order to thrive in today's dynamic marketplace, organizations need to build a holistic workforce and process-related analytical capabilities. Continuous and considerable investment in this domain will enable business executives to critically understand the essential aspects of their company and develop future road maps that complement their strategic goals as well as corporate social responsibilities.