Despite More Than a Decade of Investment, New Research Reveals Only 8% of Enterprises Have Fully Modernized with Cloud and Integrated Analytics and AI into Processes
Findings from the
Designed to assess the progress enterprises have made in the journey toward building data-driven, agile, and resilient organizations, the study analyzed the views and efforts of more than 200 data and analytics leaders across large, multinational businesses.
Despite the clear and ongoing mandate for businesses to become data-driven to fuel growth and competitive advantage, the study reveals that only 8% of respondents are far enough along in their journeys to be viewed as "analytics innovators" (figure 1). These innovators have data and advanced analytics fully integrated into company processes and have modernized them with cloud technology.
Compared to their peers in the earlier stages of analytics maturity, analytics innovators report that they experience faster time to market and find it easier to secure executive support for data and analytics initiatives. They are also most likely to have master data management programs to generate insights at speed, enabling them to make better and more informed business decisions.
Unfortunately, most respondents are far from reaching this ideal state. In fact, 51% are "data beginners" or "partial adopters" – stuck in the earliest stages of data and analytics integration.
"What many businesses overlook is the need to oversee a cultural, not just a technological, shift when building a data-driven enterprise," said
It's clear that the ability or inability to make data-driven decisions can make or break a business. The study reveals that 52% of organizations have experienced revenue loss due to an inability to make consistent, data-driven decisions. With this in mind, analytics innovators are way ahead of the curve.
The report also uncovers a disconnect between priorities and investment. For example, 43% of respondents say environmental, social, and corporate governance (ESG) considerations are driving demand for data-driven business transformation, but only 22% are allocating budget to finding ways to support ESG initiatives in 2022.
To prevent this misalignment, the study reveals three common factors that distinguish the most data-driven enterprises from those that have yet to embed analytics across the enterprise:
- Cross-departmental collaboration: consistent collaboration between business and technology leaders on analytics and cloud initiatives, plus support from company executives, are critical to the success of any widescale transformation and common among leading organizations.
- Alignment between technology and business strategy: data-driven organizations have successfully led a cultural shift that intrinsically aligns business and technology strategy across all corners of the enterprise. Only 6% of analytics innovators find it very challenging to secure executive support for establishing a data-driven business culture compared to 49% of partial adopters.
- Building data literacy with trusted insights: for a truly data-driven enterprise, every employee must use data to inform their decisions. As a result, data literacy is essential to ensure employees can turn data into insight – this has become a business wide concern. To support this shift, 38% of analytics innovators are investing in establishing master datasets for business-critical functions to empower employees, compared to just 29% of data beginners, 17% of partial adopters, and 21% of advanced adopters.
"While the benefit of embedding data and advanced analytics fully into company processes is clear, incorporating data across every area of a business and sharing across departments is no longer just an IT concern," adds
Corinium surveyed 200 data and analytics leaders from the
To learn more, download the report, Data-Driven Business Transformation.
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