How the 4 main pillars of Data & Analytics maturity can help assess your current risks, discover opportunities and create value.
Executives and Boards know that data offers tremendous opportunity and at the same time exposes more risks. With global competitors shifting their focus from the activities of ‘data production’ to ‘data consumption’, we believe it is time for executive teams and their Boards to reassess their Data and Analytics (D&A) capabilities.
Over the past 2 years, organizations are increasingly realizing that it’s not about how much data you have but rather how you use it, and have shifted their focus on data from volume to value. Another major shift involves a more forward-looking analytics, from Descriptive Analytics and Diagnostic Analytics, to Predictive Analytics and Prescriptive Analytics.
Boards too are starting to reassess their view of data and analytics, and they want to know that they can trust the data and reports that are being generated. According to our Canadian CEO Outlook survey, only 34% of CEOs have high level of trust in the effectiveness of their data & analytics.
They are also aware that companies are increasingly being held accountable for their data and data controls and they want to know that they are investing in the right skills, capabilities and infrastructure to achieve competitive advantages in their markets.
To truly assess their competitive position and potential risks, executives and Boards will need to have a clear understanding of their organization’s capabilities and capacity across all 4 pillars of D&A maturity:
Organizations able to take a robust approach to assessing their capabilities – focused on achieving a holistic and realistic view of where they are and where they want to go, will quickly find opportunities to reap the data dividend.
Read the article to find out more about how you can enhance your D&A capabilities to turn risks into opportunities, and feel free to reach out to us for a quick discussion on how it is relevant to your company.