The Boston Consulting Group (BCG) provided more evidence of the importance of data analytics last month with the release of its list of the world’s 50 most innovative companies. According to the study, innovative companies are three times more likely to rely on analytics than those not considered innovative. Fifty-seven percent of innovative companies have data management solutions in place, and 67 percent report positive returns from those projects.
The top of the list is dominated by tech companies, with Apple Inc., Google, Samsung, Microsoft and IBM making up the top five. But the rest of the list shows a variety of industries, including financial enterprises, manufacturers, retailers and even food and beverage companies.
In a survey of executives, 81 percent of those whose companies use data analytics extensively credit that focus with making them more innovative. BCGÂ calculated that those companies’ revenues are on average 12 percent higher than for businesses without analytics investment. Despite these tangible results, the survey suggests that many decision-makers still don’t fully realize the value of data management.
Software companies were highest in both active use of big data and expectation that big data will impact their business significantly within the next three to five years, but less than half of companies have already implemented data analytics.
Studies like this one prove beyond a doubt that data analytics can have a very noticeable effect on the way companies do business. With greater insight into their industries and target audiences, businesses can find creative and innovative ways to get ahead of their competitors.