A recent blog posting by Bain & Company called “The Value of Big Data: How Analytics Differentiates Winners” surveyed executives at more than 400 companies around the world, most with revenues of more than $1 billion. A small excerpt from the article is below:
The results were surprising: We found that only 4% of companies are really good at analytics, an elite group that puts into play the right people, tools, data and intentional focus. These are the companies that are already using analytics insights to change the way they operate or to improve their products and services. And the difference is already visible. These companies are:
– Twice as likely to be in the top quartile of financial performance within their industries
– Three times more likely to execute decisions as intended
– Five times more likely to make decisions faster
It is important for companies to develop advanced analytical capabilities around data, tools, people, and organizational intent. Predikto offerings are one small portion of analytics with an emphasis on predictive analytics, but customers sometimes tell us “The ability to predict is the holy grail, we just need help with advance analytics to help understand root cause and the past”.