We know businesses are suffering due to a pandemic, global strife, and unprecedented inflation rates. Those that make data-driven choices, supported by a strong data analytics and cloud strategy, will be best positioned to weather any storm.
Unfortunately, just 21% of CEOs routinely utilize data to guide choices. Only 9% consider their cloud transitions to be complete. Corinium Global Intelligence has released fresh data based on a survey of 200 analytics and cloud leaders.
In reality, only 8% of companies fully integrate data and sophisticated analytics into their business operations. So, who are these decision-makers?
Introducing analytics pioneers
The research categorizes data-driven maturity into four levels: analytics innovators, advanced adopters, partial adopters, and data novices. Analytics pioneers find it simpler to create insights quickly, garner leadership support for data and analytics efforts, and provide better employee and customer experiences.
However, most responders still need to become innovators. More than half are data novices or partial adopters, indicating that they are still in the early phases of data and analytics integration.
Of course, everyone aspires to be the best in their class. That’s why we’ve looked at what makes these analytics pioneers stand out from the crowd:
- They bridge the gap between business and technology.
Analytics is more than simply an IT issue. It’s a commercial issue.
Developing a data-driven company requires strong coordination between business and technology executives. However, 78% of study respondents said getting senior support for data-driven innovation and business change takes time. Many corporate leaders seem to either not appreciate the significance of data or want assistance in accessing the precious information at their fingertips.
Data, analytics, and cloud professionals collaborate with business executives in the most creative firms. They democratize data to enable every employee to make the correct choice with the appropriate data at the right time.
They also understand each other’s languages. Every IT plan is tailored to the demands of a single business unit or the whole firm.
- They are concerned with culture.
Building a data-driven culture inside their organization is the top investment goal for all responders.
With reason: culture can make or fail a technological strategy. Employees must comprehend and accept cloud analytics. Enterprises can never be really data-driven until they do. This may be why 94% of respondents want their data architecture to be entirely cloud-based. However, just 9% of respondents have completed their cloud migrations.
Analytics pioneers are developing a culture in which data, analytics, and cloud are everyone’s focus to accelerate the speed of technological development.
- They create reliable and accessible data.
Analytics pioneers are twice as likely as data newcomers to claim that their master data management program delivers a single source of reliable data.
So, once you have this data, how do you ensure it gets used?
Data literacy is the only way to transform data into usable insight throughout a company, from interns to the CEO. As a result, 38% of analytics innovators are investing in creating master datasets for business-critical processes to empower staff, compared to just 29% of data novices and 17% of partial adopters.
The ultimate objective is to combine data from many business divisions into a more manageable, accessible, and actionable format. Employees make choices knowing they can trust the data’s narrative when strong data governance and literacy rules are in place.
- Make your company data-driven.
Analytics pioneers are guiding data-driven businesses. They’ve shifted their analytics strategy from experimentation to scalability, from migration to cloud modernization, and, most significantly, they’re poised not just to survive but flourish.