The report, Data & Advanced Analytics: High Stakes, High Rewards, says that among those organizations who have an analytics strategy that is well-established and central to the overall business strategy, rated their competitive ability in data and analytics as market-leading. Of these organizations, 66 percent achieved revenue growth of 15 percent or more, while 63 percent reported that operating margins had increased 15 percent or more in 2016. In addition, 60 percent of these companies said they also improved their risk profiles.
With returns of this caliber, a data and analytics strategy is both effective and necessary for global organizations. Over the next 2 years, more than half of the global executive respondents are planning to invest at least $10m in data and advanced analytics.
"Traditional process-driven organizations are now being disrupted by the new era of businesses that use data as a strategic asset,” said Chris Mazzei, EY global chief analytics officer. “Companies have moved from pilot projects that originated in business units or countries to using data and advanced analytics at an enterprise level to rethink and reimagine their entire business to identify new opportunities."
The survey of more than 1,500 global executives from companies with at least $500m in annual revenues was designed to deliver a maturity assessment of how proficient organizations are in applying analytics throughout their operations. Based on the maturity assessment scores, China maintains the number one spot in the ranking, while the United States comes in second, up from fifth, and the U.K. holds steady in third place.
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