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
Creating a strong company culture may sound like a daunting task, but it’s actually pretty straightforward. In fact, company culture is created in exactly the same fashion as a religion or democracy. Behaviours created from the organisation’s inception are reinforced over time by leadership, attracting like-minded people and eventually reaching critical mass to become an accepted ‘truth’.
The question I get asked most regularly these days is: ‘Do I need to rebuild my company’s systems on Blockchain?’ And the answer, every time, is ‘No, you’re asking the wrong question’.
Throughout my career, I have witnessed a litany of brand names that profess to have a unique customer value proposition (CVP). In reality, however, they’ve had little more than a ‘value proposition’: A simple list of benefits applied to a general audience.
In this bonus last episode of this new podcast series, BrandHook MD, Pip Stocks, talks with former ANZ group general manager of marketing, Louise Eyres, talks about the importance of thinking like a customer and using intuition to solve customer painpoints.
RE: Sales and marketing SLAs, often the choke point isn't the teams but them getting the data into the tools they want to use with the da...
Ed Fry
Why sales and marketing alignment is more important than ever
Amazing article Mitchell. I really enjoyed the read. Chatbots will be critical in the future evolution of banking and financial services ...
Giridhar Prathap Reddy
7 businesses successfully implementing chatbots
Thank you for the good and very helpful information. It is very interesting. I love all the things you share and see your beautiful creat...
รัตนาวดี ภูมิวรรณ
Former eHarmony marketing chief joins telco startup
Colin Kaepernick, not Mike Kapernick.
thisisw
Zenith's innovation leader: Mid-digital age not benefitting media, brands or consumers
AGA KHAN HOSPITAL is in need of kidney donors for the sum of 2 crore, Contact us today if you want to sell your kidney for money, and thi...
Sebastian Friedrich
Mindshare gets behind blockchain advertising alliance