Every organization has faced the unsparing hand of change in recent times, with the pandemic piling on new challenges in an already testing environment. Adaptability has thus remained a top concern for CXOs.

Organizations that have pivoted to the evolving reality and retained the ‘business as usual’ tag, even amid large-scale disruption, seem to have one thing in common: they are largely data-driven enterprises. Their leaders are building the ability to win with insights by investing in data and analytics.

Data Maturity is Good for Business

A commissioned global analytics study conducted by Forrester Consulting on behalf of WNS, 2021, looked at the data and analytics maturity of organizations in seven sectors:

  • - Banking and financial services

  • - Consumer packaged goods

  • - Insurance

  • - Life sciences

  • - Manufacturing and materials

  • - Retail

  • - New age digital-only businesses

The study shows that executives recognize the importance of data and analytics, but gaps exist between intent and execution, and between possibilities and real outcomes.

It further shows a direct correlation between data maturity and a company’s performance, as judged by revenue growth.

The study offers key recommendations to improve an organization’s data and analytics maturity. They include:

  • Strategically aligning data and analytics investments with business goals

  • Developing KPIs to measure the success of such initiatives and documenting their real value to the organization

  • Investing in advanced capabilities such as a data lake, analytics platform, master data management and an improved data governance framework

  • Building the right talent to deploy and manage data initiatives

To know more about the maturity level of your industry, keep a lookout for the Forrester survey, commissioned by WNS.

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