Insights-driven businesses are growing at an average of more than 30% each year, and by 2020, they are predicted to take $1.8 trillion annually from their less-informed peers, notes the Forrester Insights-Driven Businesses Set the Pace for Global Growth Report.
Organizations investing in data and analytics are already realizing competitive advantages. According to the 2018 Global State of Enterprise Analytics Report, which surveyed 500 analytics and business intelligence decision makers from around the world, respondents are already realizing these seven key benefits:
- Improved efficiency and productivity: 63%
- Faster, more effective decision making: 57%
- Better financial performance: 51%
- Competitive advantage: 48%
- Improved customer experience: 48%
- Improved customer acquisition and retention: 46%
- Identification and creation of new revenue streams: 43%
Looking at this, it’s no wonder that 64% of these organizations say that they plan to invest more in their analytics initiatives over the next year. Over the next five years, that percentage jumps to 71%, with 24% saying they’ll invest about the same, and only 5% noting that they plan to invest less.
When it comes to what’s helping these insights-driven organizations make strides, most (40%) say it’s creating an analytics strategy. Rounding out the top five efforts that are having a positive impact on the success of enterprise analytics initiatives, respondents cite developing a data-driven culture (37%), establishing an effective data architecture and tech infrastructure (36%), data preparation best practices (36%), and education and training (36%).
Read the full 2018 Global State of Enterprise Analytics Report today, detailing benefits, challenges, hiring trends, and investment priorities for data-driven organizations.