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.

• 70 percent of investment professionals use “alternative data” or plan to do so in the next year.
• 29 percent of investment professionals use search trends to derive data.
• The amount of data generated each second in the banking sector will grow 700 percent by 2020.
• Data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable as a result.
• The big data industry will be worth an estimated $77 billion by 2023.
• The big data software market was worth $31 billion in 2018, growing 14 percent from the year before.
• More than 30 percent of businesses say big data and analytics have fundamentally changed business practices in their research and development departments
• By 2020, there will be 2.7 million job postings for data science and analytics roles.
• By 2025, the amount of the global datasphere subject to data analysis will grow by a factor of 50 to 5.2 zettabytes.
• 79 percent of enterprise executives say that not embracing big data will cause companies to lose competitive position and risk extinction.