Big data and analytics have a solid future in the business world as these tools help organizations recognize complex patterns that might otherwise go undetected. But achieving results is easier conceptualized than realized.
Although many organizations have embraced big data and some are benefiting from next-generation analytics, the vast majority of enterprises continue to struggle with the concepts, according to a new Bain & Co. survey.
The report, “Driven by Data,” analyzed attitudes and performance at more than 400 global companies. It found that organizations with strong analytics capabilities outperform their competition in a number of ways. They’re twice as likely to be in the top quartile of financial performance within their industry, 5 times more likely to make decisions faster, three more likely to execute decisions as intended, and twice as likely to use data “very frequently” to make decisions.