A solid data strategy means better financial performance

Businesses with a solid data strategy earn more money than those without one, a new report suggests. The report in question is called ‘Big data: Forging corporate capabilities for the long-term’, and it is a SAS research program, based on The Economist Intelligence Unit survey.

In the report, it says that more than a third (35 per cent) of respondents with a solid data strategy reported 'stronger financial performance' than their competitors. Among those without such a strategy, as well as those that are just 'marshalling resources to take better advantage of it', just 10 per cent reported the same results.

The report also says that more than a third (38 per cent) of those that put almost all data into use are said to be 'highly successful' in their big data initiatives.

Increasing data availability opened up new opportunities for operational efficiency strengthening, according to a third (32 per cent) of UK executives. Another third (34 per cent) believe they have little, or no capability at all, for using data to open new opportunities. Thirty-one per cent said their organisation is lacking, when discussing the use of data in speeding up market entry.

The biggest challenges for companies include engaging creative employees in using data effectively, as well as providing them with easy and flexible tools.

“The survey shows that there is a strong link between having a clear data strategy and experiencing strong financial success. Organisations that put data firmly at the centre of their organisation are better equipped to introduce changes that grow the bottom line,” explained Mark Wilkinson, SAS Regional Vice President – Northern Europe.

“Currently, analysing internal unstructured text data, such as customer inquiries, reports, technical and business notes, and web click-stream data is a significant focus for data initiatives. However, external unstructured data and Internet of Things data sources will command a greater focus in the next 12 months and present further opportunities for organisations.”

The full report can be found on this link.

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