Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.

This statistic originates from a McKinsey study that highlights how companies excelling in analytics, referred to as “analytics leaders,” are significantly more proactive in aligning their data strategies with their evolving business needs. In contrast to companies that only react to data and analytics changes on an ad hoc basis, these leaders are much more strategic, implementing long-term plans that adapt their core operations to leverage data more effectively​.

This is important because businesses that adopt a strategic approach to analytics are better positioned to drive innovation, improve decision-making, and maintain competitive advantage. Without a comprehensive, forward-looking data strategy, companies risk falling behind competitors who are better able to harness data for growth and transformation.

A data consulting firm can assist by helping businesses formulate and execute long-term data strategies. This includes designing data architectures that align with business objectives, optimizing data governance, and ensuring that data initiatives drive real business value. A consulting firm can also help overcome common challenges, such as data silos, talent shortages, and the integration of AI, allowing companies to stay agile and competitive.

• 29 percent of investment professionals use expert networks to derive data.
• 36 percent of investment professionals use web scraping to derive data.
• Customer/social analysis is considered the second most important big data analytics use case, followed by predictive maintenance.
• More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments
• 90% of enterprise analytics and business professionals currently say data and analytics are key to their organization’s digital transformation initiatives.
• 62 percent of retail businesses see competitive advantages from information and analytics.
• 50 percent of businesses say data and analytics significantly impacted new entrants launching data and analytics businesses that undermine traditional competitors’ value propositions.
• The education vertical currently has the lowest adoption of big data among vertical industries, but educators are most likely to say they may use big data in the future.
• Nearly 50 percent of businesses say big data and analytics have fundamentally changed business practices in their sales and marketing departments.
• 90 percent of the world’s data was created between 2015 and 2016 alone.