65% of executives still rely on human judgement to inform significant business decisions but companies are quickly becoming more data driven, according to the “Big Decisions Global Data and Analytics Survey” from PwC.
“While many companies have embraced the use and recognized the value of data to evaluate past performance only 28% have embraced the use of predictive analytics,” said Ramy Sedra, Data and Analytics Consulting Leader, PwC Canada. “With a market environment that is evolving at a more rapid pace than ever before, speed and the ability to adjust to change are now table stakes.”
While one in three North American organizations are highly data-driven, globally there are still a surprisingly low number of companies with predictive analytics available, with only 29% of decision-makers stating they have that capability. 69% of North American organizations are being prompted to make big decisions in order to remain competitive and survive in an evolving marketplace, whereas 24% are being driven by disruption.
“Investing in unlocking the power of data to inform big business decisions can have a significant impact on a company’s ability not just to remain relevant and viable but to disrupt, thrive and lead,” said Sedra.
Focusing on improving both speed and sophistication will help increase the return on investment for data and analytics, PwC says. With the cycle of innovation narrowing, organizations cannot take months or weeks to analyze an opportunity. They must increase the speed at which they make decisions and apply the right insight to their problems using more sophisticated data analysis.
To stay market leaders, companies must establish a data-driven innovation culture—but their use of analytics isn’t yet where it needs to be, the report concludes.