Unleashing the Power of Data and Analytics

 
 
By Karen A. Frenkel  |  Posted 04-24-2017 Email
 
 
 
 
 
 
 
 
 
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    Unleashing the Power of Data and Analytics
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    Unleashing the Power of Data and Analytics

    Companies that have embraced data and analytics strategies are reaping the benefits of revenue growth, increased operating margins and risk profiles.
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    Impact of Advanced Analytics Grows
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    Impact of Advanced Analytics Grows

    23% of the C-level executives in the report have an analytics strategy that encompasses their entire enterprise, compared with only 16% of respondents in a similar EY and Forbes study last year.
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    A Seismic Shift
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    A Seismic Shift

    70% of the leaders report a seismic shift in their organization in the form of overhauled business strategies and how they compete in their markets.
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    Benefits of Analytics
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    Benefits of Analytics

    66% of the organizations that consider their data and analytics abilities market-leading had revenue growth of 15% or more, while 63% reported operating margin increases of 15% in 2016.
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    Analytics and Risk
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    Analytics and Risk

    60% of executives who said their data and analytics efforts are market-leading also improved their risk profiles.
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    Planning Analytics Investments
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    Planning Analytics Investments

    Over the next two years, 50% of the respondents plan to invest at least $10 million in data and analytics resources, while 85% of the executives in leading companies expect to spend that amount.
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    Collaborating With Partners
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    Collaborating With Partners

    53% of executives who said analytics completely altered their strategy want to collaborate with partners to leverage market position and enhance the customer experience. 52% of them see potential for selling the insights from advanced analytics to existing and new customers.
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    Analytics Leaders by Country
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    Analytics Leaders by Country

    China, United States, United Kingdom, France, Germany, Canada, Japan
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    Analytics Maturity By Sector
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    Analytics Maturity By Sector

    Telecommunications, Technology, Manufacturing, Financial services, Pharmaceuticals, Health care, Media and entertainment
 

In the past, traditional process-driven organizations generally viewed data as a secondary byproduct. Now, however, many of these enterprises are using data strategically to help them become more competitive, increase revenue and profits, reduce risk and begin new initiatives, according to a new report. Some are even building entire business models in order to deliver exceptional products and services. The report, "Data and Advanced Analytics: High-Stakes, High Rewards," produced by EY and Forbes Insights, stated: "Global executives that understand the full value of advanced analytics are making it a core element in their business strategies and using it as a competitive differentiator."  Chris Mazzei, EY global chief analytics officer and emerging technology leader, added, "Companies have moved from pilot projects that originated in business units or countries to using data and advanced analytics at enterprise levels to rethink and reimagine their entire business to identify new opportunities." The report surveyed 1,518 C-level executives based in the Americas, the Asia-Pacific rim region and EMEA.

 
 
 
 
 
Karen A. Frenkel writes about technology and innovation and lives in New York City.

 
 
 
 
 
 

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