Report: Analytics maturity key to success

​Higher analytics maturity correlates with higher financial performance

Higher analytics maturity correlates with higher financial performance, company performance and brand reputation according to a fresh industry report.

The research report, How Analytics Maturity Powers Company Performance, was conducted by the International Institute for Analytics (IIA) on 74 global companies. Of the 72 different metrics examined in the study, 59 showed a positive association between analytics maturity and financial or company performance, and increased shareholder value.

The study also found those companies in stage four of analytics maturity (using a five-stage maturity model) achieve higher levels of performance than companies in the second or third stage of analytics maturity; while companies with high levels of analytics maturity are more likely to be included in and rank higher in ‘Top Company’ lists from Fortune (Most Admired), Forbes (Most Powerful Brands, Most Innovative), Brand Finance (Top 500 Most Valuable Brands) and Boston Consulting Group (Most Innovative).

Recommendations from the report include that companies should continue to invest in the development of analytics capabilities to remain competitive; build analytics capabilities and better realise value from the investment requires a strategic approach and a long-term perspective.

In addition, companies should consider mechanisms for assessing their current state of analytics maturity and measuring the development of this strategic capability over time. Business leaders seeking to pursue improved enterprise analytics capabilities should also consider the potential positive impact on company performance and shareholder value in their communications.

US lead analytics architect at Dataiku, Dr Kenneth Sanford, said the results of the study show data science and analytics are now a part of every thriving company’s strategy for success. Dataiku sponsored the study.

“This study has given us a way to quantify how well companies are using their resources and the potential impacts if they do or don’t become more data driven. The results uncovered by this study shouldn’t be alarming, but the fact that we are now able to quantify the level of analytics maturity within companies is a testament to the level of technical prowess we have achieved in data science and analytics in recent years,” he said.    

The study looked at companies across a variety of different industry segments and evaluated them based upon IIA’s Analytics Maturity Assessment (AMA) methodology designed to evaluate their analytics maturity.

The list of 74 companies included in the study were selected to span the spectrum of the US economy. The oldest company on the list (JP Morgan Chase) can trace its founding to 1799. The youngest company (Facebook) was founded in 2004.

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu  

 

 

 

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments
cmo-xs-promo

Latest Videos

More Videos

Canva's mission is to empower people with the ability to design anything they want. To do this, They've had to balance experimentation an...

Digital Davaoena

xx - CMO Australia

Read more

Thanks for your feedback, Rabi. While we introduced the ROO concept using a marketing example, I also believe that it is pertinent to man...

Iggy Pintado

Introducing Return on Outcome (ROO) - Brand science - CMO Australia

Read more

Thanks for your insight, Philip. Return On Outcome (ROO) requires balanced thinking with the focus on outcomes as opposed to returns.

Iggy Pintado

Introducing Return on Outcome (ROO) - Brand science - CMO Australia

Read more

Beautiful article.

Hodlbaba

15 brands jumping into NFTs

Read more

"Blue" is really gorgeous and perfectly imitates a human customer support operator. Personally, I won't order a chatbot development for m...

Nate Ginsburg

Why the newest member of BT’s contact centre is a chatbot

Read more

Blog Posts

How the pandemic revealed the antidote to marketing’s image problem

What does marketing truly ‘own’ in most organisations? Brand and campaigns, definitely. Customer experience? That remains contested ground.

Murray Howe

Founder, The Markitects

Still pursuing a 360-degree view of the customer?

On the Internet, nobody knows you’re a dog.” It may have been true in 1993 when this caption to a Peter Steiner cartoon appeared in the New Yorker. But after 30 years online, it’s no longer the case.

Agility in 2022

Only the agile will survive and thrive in this environment and that’s why in 2022, agility will need to be a whole-business priority.

Sam McConnell

Melbourne bureau chief, Alpha Digital

Sign in