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.

• 60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles
• Only 7% of marketers surveyed report that they are currently effectively able to deliver real-time, data-driven marketing engagements across both physical and digital touchpoints.
• 21 percent of investment professionals use web traffic to derive data.
• 98 percent of sales representatives at construction companies that adopt analytics and geographic data reported dramatic decreases in their time frame for providing price quotes.
• Content analytics usage among IT professionals increased from 43 percent to 54 percent between January 2018 and January 2019.
• 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.
• 61 percent of businesses that recognize the effect of data and analytics on their core business practices say their companies either have not responded to these changes or have taken only ad hoc actions rather than developing a comprehensive, long-term strategy for analytics.
• 59 percent of executives say big data at their company would be improved through artificial intelligence (AI).
• Only 16% of organizations can currently say that 75% or more of their employees have access to company data and analytics.
• Businesses that use big data saw a profit increase of 8–10 percent.