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Data and Analytics Grow Businesses
While you’re likely unsurprised to read our blog posts to find us describing the multitude of benefits of running a business based on clean, clear data, it’s time we heard from someone else on the topic. Luckily for us, EY and Forbes Insights conducted a survey of over 1,500 business executives who have used data quality and analytics to grow and streamline their organizations.
As business leaders across every range of industries leave the process-driven model of business behind in favor of the far more quantifiable and analytical approach to being data-driven, it might be useful for C-level executives who are dipping their toes into the water to see what execs who have already taken the plunge have to say about the relationship between data and their businesses.
Adapting to a Data-Driven Culture
According to respondents of the survey, 23% of the executives in the report say that they’ve adopted data-driven and analytics strategies company-wide. This is up from 16% just last year, suggesting that as data-driven practices yield results within individual departments, adoption of a data-first approach quickly moves company-wide.
Immediate ROI of Data Analytics
One of the more fascinating and encouraging statistics from the survey is that 66% of the respondents who said their organization was “marketing-leading” when it came to data and analytics reported revenue growth of 15% or more since adapting a data-driven approach. As organizations dive deeper into their data, they are seeing double-digit point increases in revenue as the benefit of their efforts. A sizeable ROI, indeed.
Continued Data and Analytics Investment Expected
As the results of adopting a data-first approach to business has yielded results for organizations, survey respondents indicate there will be no slowing down in this process. 50% of respondents plan to invest at least $10 million in data and analytics resources in the near future. A full 85% of execs who felt their business were leading their industries in the use of data and analytics planned to spend that much or more on additional data and analytics solutions and resources in the near future.
If you want to check this study out for yourself, CIO Insight has a great slideshow on the study and a link to the study itself. So, when it comes to the advantages of using clean, reliable data to help grow your business, don’t take our word for it. Top execs from around the world have seen the benefits of a data-driven organization. Just let us know how we can help you see these benefits for your own business.