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Analytics: Businesses Struggle to Harness Value from Data Analytics
Many organizations are trying to apply analytics technologies to their businesses but failing, according to a report by McKinsey.
The McKinsey report found that “organizations that are able to harness new models and tools effectively will be able to create significant value and differentiate themselves, while others will find themselves increasingly at a disadvantage.”
Michael Chui, a McKinsey Global Institute partner, said that “in many areas, a few leading companies are racing ahead. But many organizations haven’t yet been able to scale up small-scale experiments to meaningfully improve the performance of the entire enterprise.”
Nicolaus Henke, global leader of McKinsey Analytics, said that “we think data and analytics represent the single biggest opportunity available to management teams to create value, improve performance, and change the nature of competition. The biggest barriers companies face in extracting value from data is adapting core processes and building new capabilities at scale. Embracing analytics is not about adopting a new tactic. It’s about changing your business model and the fundamental way you make decisions.”
