Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.

This statistic originates from a McKinsey study that highlights how companies excelling in analytics, referred to as “analytics leaders,” are significantly more proactive in aligning their data strategies with their evolving business needs. In contrast to companies that only react to data and analytics changes on an ad hoc basis, these leaders are much more strategic, implementing long-term plans that adapt their core operations to leverage data more effectively​.

This is important because businesses that adopt a strategic approach to analytics are better positioned to drive innovation, improve decision-making, and maintain competitive advantage. Without a comprehensive, forward-looking data strategy, companies risk falling behind competitors who are better able to harness data for growth and transformation.

A data consulting firm can assist by helping businesses formulate and execute long-term data strategies. This includes designing data architectures that align with business objectives, optimizing data governance, and ensuring that data initiatives drive real business value. A consulting firm can also help overcome common challenges, such as data silos, talent shortages, and the integration of AI, allowing companies to stay agile and competitive.

• 70 percent of investment professionals use “alternative data” or plan to do so in the next year.
• 90 percent of the world’s data was created between 2015 and 2016 alone.
• 29 percent of investment professionals use search trends to derive data.
• 59 percent of executives say big data at their company would be improved through artificial intelligence (AI).
• 53 percent of CEOs consider themselves the primary leader of their company’s analytics agenda.
• 36 percent of investment professionals use web scraping to derive data.
• 55 percent of North American businesses have adopted big data analytics.
• Insights-driven businesses are growing at an average of more than 30% each year, and by 2021, they are predicted to take $1.8 trillion annually from their less-informed peers.
• The amount of data generated each second in the banking sector will grow 700 percent by 2020.
• 45 percent of companies run at least some big data workloads in the cloud.