High-Growth Firms Make Better Strategic Use of Data: Survey

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Bangalore: A new study by the Economist Intelligence Unit finds a relationship between the growth of corporate earnings and companies’ use of data in strategic planning and decision-making. A survey of 318 C-level executives finds that while all companies are collecting more data than ever before, those from companies where average EBITDA growth over the past three financial years has exceeded 10 percent are more likely than their less rapidly growing peers to analyse various data sources they collect (58 percent vs 43 percent, with reference to third-party data) and to consider themselves effective at extracting useful insights from this analysis (81 percent vs 57 percent). Furthermore, they are also far more likely to have to have changed the way they handle strategic decisions as a result of having more data (50 percent vs 36 percent), and to have seen improved strategic decision-making as a result of better data analysis (60 percent vs 38 percent).

These are among the major findings of The data directive: How data is driving corporate strategy—and what still lies ahead, a new report from the Economist Intelligence Unit, commissioned by Wipro. The report seeks to examine the progress that executives have made in using information to transform their businesses. While highlighting some of the striking gains that are being achieved so far, it also uncovers how much work remains to be done in terms of making use of the transformational potential of data for business strategy.

“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 from prop up their key performance indicators -drive growth, enhance cost management and strengthen risk management”, said K R Sanjiv, Senior Vice President and Global Head, Analytics and Information Management Services, Wipro.

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