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.

• Insights-driven businesses are growing at an average of more than 30% each year, and by 2021, they are predicted to take $1.8 trillion annually from their less-informed peers.
• By 2025, more than a quarter of all data created will be real-time, with 95% of that data generated by the Internet of Things.
• Customer/social analysis is considered the second most important big data analytics use case, followed by predictive maintenance.
• In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
• 83 percent of enterprise executives say they’ve pursued big data projects to gain a competitive advantage.
• 62 percent of retail businesses see competitive advantages from information and analytics.
• Data warehouse optimization is considered the most important big data analytics use case, and is considered critical or very important by 70 percent of businesses.
• More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments
• 98 percent of sales representatives at construction companies that adopt analytics and geographic data reported dramatic decreases in their time frame for providing price quotes.
• 30 percent of businesses consider the Spark software framework critical to their big data analytics strategies.