Data is the future of business, but is it easy to create a plan?

Apparently, not as easy as you'd think.

Everyone knows, but not everyone seems to care that Business Intelligence is the future of business.  This is according to a new report by MHR Analytics, entitled ‘Plotting the data journey in the boardroom’. Almost nine in ten (88 per cent) of C-level executives agree BI and data analytics is essential to their business’ success. 

However, just 17 per cent said their BI strategy is being led by a senior member of business.  Almost six in ten (59 per cent) C-suite executives said they don’t understand big data as much as they’d like to, and half (52 per cent) said it’s hard for them to create a big data business case. 

“It’s clear from our research that C-level executives are beginning to recognise how critical data analytics will be for the future of their business,” said Nick Felton, Director of MHR Analytics.  

“In 2017 we expect to see organisations looking at how they can take their data strategy to the next level. Ultimately every company should be aiming to reach the Transformative stage where data is defining competitive advantage and driving revenues.” 

“With the abundance of information that’s available today, businesses are turning to BI to unlock the power of the data that their activities generate in order to become more competitive players in their respective industries. This is a trend that’s here to stay and in order to get the most out of their BI projects, businesses need to create a strategy that spans the entire organisation with a consistent approach across all departments and business units.” 

The report also says a third of businesses are at the very beginning of their data maturity journey. A fifth (18 per cent) is developing a standards-led approach, and a third (30 per cent) is reaching the transformative stage.  

Image Credit: Shutterstock/Sergey Nivens