Modern analytical technology supports executives in decision-making
Vienna (pts015/19.04.2013/13:10) – In the last two years, the proportion of companies convinced of analytics as a decisive competitive factor has increased by 80 percent: According to a recent executive study by the MIT Sloan Management Review and SAS, 67 percent of respondents believe that analytics increases the competitiveness of their companies. In 2010, it was still 37 percent.
For a nuanced picture, the study „From Value to Vision: Reimagining the Possible with Data Analytics“ takes into account the different „analytical maturity levels“ of the companies surveyed: Of the 2,500 executives, managers and analysts surveyed, 28 percent rate themselves as „analytically overwhelmed“, 60 percent as „analytical practitioners“ and 11 percent as „analytical innovators“.
From the point of view of respondents, who consider themselves „analytically overwhelmed“, there is often a lack of usable data and data exchange within the company. Analytical practitioners believe in the benefits of their data. However, they use the data primarily for operational purposes. In addition, the analytics infrastructure of these companies is not very homogeneous.
The analytical innovators stand out from the other two groups in many ways:
– They are open to new approaches, they question the status quo and promote innovation.
– They already use analytics for strategic purposes.
– They see data as an elementary value and use it to a greater extent than their competitors.
– They are more convinced of the quality of their data.
The group of analytical innovators also reports a subtle but not insignificant change that comes with the increasing importance of analytics: there is a shift in power for those who make their proposals and decisions on analytical basis and with the help of the corresponding data. Such a cultural change can have profound effects on corporate structures.
The study also provides recommendations for those who have classified themselves as „analytically overwhelmed“:
– New analytics projects should first be tried at the local level before venture into company-wide initiatives.
Collaboration and exchange are fundamental to the success of analytics – so companies should promote these aspects.
– A communication plan created specifically for top management, which identifies ROI and concrete recommendations, can help to secure support from the highest level.
The study is based on a survey of 2,500 executives, managers and analysts. Respondents come from 121 countries and more than 30 industries. Their companies make between $250 million and $20 billion in sales.
The full study „From Value to Vision: Reimagining the Possible with Data Analytics“ can be downloaded here: http://www.sas.de/MITSloan .
(End)
Source: SAS Institute Software GmbH
Contact person: Brigitte Naylor-Aumayer
Tel: 596 88 82 – 0
Email: pr@aut.sas.com
Website: www.sas.at
[ Quelle: http://www.pressetext.com/news/20130419015 ]