Becoming an analytics driven organisation to create value
To identify new sources of value that exist in an organisation and to cultivate future opportunities for value creation and protection many companies are turning to analytics. Our latest research looks at the key challenges companies face in their quest to embrace value driven decision making and how businesses are working to become analytics driven organisations.
81% agree that data should be at the heart of decision making but only 31% have restructured their operations to do this.
Making big data a board room issue
According to EY research the use of analysis to drive board-level decision making will double in the forseeable future.
- 32% admitted to being overwhelmed by data
- 50% cite poor data as a key concern, yet 69% continue to manage big data projects in house
- Only 1/5 are using data to improve the detection and prevention of fraud
- 47% cite organisational culture as a key challenge to integrating big data
4 key challenges
- Building the right organisational structure and governance framework to support value decision making
- Analytics security and compliance
- Delivering actionable insight across an organisation
- Developing talent needed to convert data into business value
Larger companies are better at using big data
The positive results achieved by larger companies can be attributed to the scope of investments in big data
- 44% are using big data to improve customer targeting (compared to 20% overall)
- 16% are using big data to improve cyber security (compared to 12% overall)
- 22% are using big data to improve regulatory compliance (compared to 18% overall)
Our research shows that larger companies are outperforming in terms of using big data to reduce business risk and achieve growth. However in respect of operational efficiency our data shows that larger companies appear to place less importance on this.