UK C-suite and CMO executives agree that data and analytics are essential for business growth, but they lack the resources to achieve their goals.
This is in line with a survey by Realize UNLIMITED, which surveyed over 80 C-level executives with annual revenues of at least £30m and found that over four-fifths of respondents (81.5%) agree that this data and analysis is fundamental. to grow your business.
However, managers recognized that they were unsure of the quality of the data and analysis and took at least two years off to get best-in-class.
The value of data
Managers largely agreed that their data and analytics capabilities helped them achieve their business goals. The survey found that respondents’ analytics and data capabilities helped their businesses achieve growth (85.1%), enable better business decision-making (86.4%), and generate tangible value (86.4%).
Managers were also optimistic about their organization’s use of data and analytics. For example, 95% believe they work with high-quality data and 88.9% believe their data systems are integrated, scalable, functional, and stable. While 86.4% believe their analytics and data capabilities have improved significantly over the past five years, using advanced machine learning and artificial intelligence techniques.
However, only about a quarter of respondents (25.9%) strongly believed their data and analytics capabilities were ahead of other companies in their industry. While only 28.4% strongly agree that their organization has a data-driven culture.
Despite claims that the data was critical to their goals, many companies lack the processes to achieve them. About one in three executives (34.6%) strongly agree that they know what the best data and analytics look like. Although less than half of respondents (46%) strongly agree their company has a clear data strategy.
Stephen Welch, Managing Director of Realize UNLIMITED, said: “Our research highlights that while UK companies understand that data is critical to achieving their goals, they often fail to truly leverage the information they have. It’s great to collect and store large amounts of data, but companies need to look for solutions that help them truly understand their data.