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.

• 90% of enterprise analytics and business professionals currently say data and analytics are key to their organization’s digital transformation initiatives.
• Customer/social analysis is considered the second most important big data analytics use case, followed by predictive maintenance.
• 70 percent of investment professionals use “alternative data” or plan to do so in the next year.
• Big data ranks 20th across 33 key technologies when businesses were asked their top technologies and initiatives strategic to business intelligence.
• Through 2019, 90% of large organizations will have hired a CDO, but only 50% will be considered a success.
• The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027.
• By 2025, 60% of the 163 zettabytes of existing data will be created and managed by enterprise organizations.
• Content analytics usage among IT professionals increased from 43 percent to 54 percent between January 2018 and January 2019.
• Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.
• Nearly 50 percent of businesses say big data and analytics have fundamentally changed business practices in their sales and marketing departments.