Organizations are cleverly using data for growth: A Survey

A new study by the Economist Intelligence Unit has revealed the results of a new study of 318 C-level executives to find a connecting link between the growth of corporate earnings and companies’ use of data in strategic planning and decision-making. This report has been commissioned by Wipro.
 
Among the major findings, it includes report on "The data directive: How data is driving corporate strategy - and what still lies ahead". The report seeks to examine the progress that executives have made in using information to transform their businesses. The report also uncovers how much work remains to be done in terms of making use of the transformational potential of data for business strategy.
 
K. R. Sanjiv, Senior Vice-President & Global Head, Analytics and Information Management Services, Wipro, said, "This research is a reflection of how organizations are leveraging data to sustain its competitive advantage for its products/services and be relevant in future. Leveraging the power of analytics, organizations can prop up their key performance indicators - drive growth, enhance cost management and strengthen risk management."
 
Other features of the report show that three sectors stand out as being most prepared for the data age: the financial services sector (where 22% have a well-defined data management strategy in place), the technology industry (30%), and the professional services sector (40%).
 
Two-thirds of business leaders have said that the range and types of data have expanded in the past two years, while about three-quarters expect this data stockpiling to expand yet further in the coming two years. Many companies are unsure about the extent of data-fuelled strategic transformation within their business