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Data Analytics: Most Businesses Still Aren’t Using Their Data Effectively
Using a five-level system to rank businesses in their capabilities related to data analytics, Gartner only ranks 9 percent of global companies as being in the top level, the transformational level. At that transformational level, Data Analytics becomes central to business strategy, and both business strategy and execution are aligned and continually improved.
Nick Heudecker, research vice president at Gartner, said that “most organizations should be doing better with data and analytics, given the potential benefits. Organizations at transformational levels of maturity enjoy increased agility, better integration with partners and suppliers, and easier use of advanced predictive and prescriptive forms of analytics. This all translates to competitive advantage and differentiation.”
Heudecker said that “it’s easy to get carried away with new technologies such as machine learning and artificial intelligence. But traditional forms of analytics and business intelligence remain a crucial part of how organizations are run today, and this is unlikely to change in the near future.”
John A. Deighton, Professor of Business Administration at Harvard Business School, said that “the new attention being given to data today is because suddenly, everywhere, it’s become much cheaper to measure. Used well, it changes the basis of competition in industry after industry.”
