Bangkok--30 Oct--Mind PR
Strong link between defined data strategies and success, reveals SAS-sponsored Economist Intelligence Unit survey
A new global survey, Big data: lessons from the leaders , finds a strong correlation between financially successful businesses and a well-defined data strategy.
Conducted by the Economist Intelligence Unit and sponsored by business analytics leader SAS, the report explores how far the more than 700 companies surveyed have come on their journey toward a mature data strategy. It further identifies how to exploit the massive amounts of data companies collect.
Nearly half of companies that "significantly outperform their peers financially" reported a well-defined data strategy — four times the number performing on par with peers. The survey suggests companies should prioritize business goals to determine a data strategy and hire employees with the knowledge and skills to manage big data initiatives.
The impact of data on the business landscape is unprecedented, with the amount and types of data that organizations have access to growing exponentially. According to Google CEO Eric Schmidt, the world now creates the same amount of data every two days as was generated between the dawn of civilization and 2003.
"An organization's data is only as good as the business insights it reveals," said Paul Kent, SAS Vice President of Big Data. "Mapping your big data strategy to address your challenges is crucial. But the importance of hiring the right people to manage and analyze your data and communicate results cannot be overstated."