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.

• 95 percent of businesses need to manage unstructured data.
• Analytics leaders are nearly twice as likely as others to report enacting a long-term strategy to respond to changes in core business practices.
• In 2025, the IoT data analyzed and used to change business processes will be as much as all of the data created in 2020.
• In a survey of approximately 700 business professionals, only 15% said their organization is currently very effective in delivering a relevant and reliable customer experience. In the same survey, only 3% of respondents said they are able to act on all of the customer data they collect; 21% say they can act on very little of it.
• The big data industry will be worth an estimated $77 billion by 2023.
• 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.
• 60 percent of businesses believe it is harder to source talent for data and analytics positions than for any other roles
• 55 percent of North American businesses have adopted big data analytics.
• In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016.
• The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027.