Every company is a data company.
What that means for CEOs, boards and senior management is pretty clear, according to The Age of Analytics: Competing in a Data-driven World, a new report from McKinsey & Company:
"Big data’s potential just keeps growing. Taking full advantage means companies must incorporate analytics into their strategic vision and use it to make better, faster decisions."
Why that's so beneficial is pretty clear, too:
"...analytical techniques can fuel discovery and innovation. Above all, businesses no longer have to go on gut instinct; they can use data and analytics to make faster decisions and more accurate forecasts supported by a mountain of evidence."
(For insights into the how to get started, see 10 Simple Rules for Your Big Data Analytics Adoption Strategy.)
Because we work with so many companies, we see the truth of those findings play out every day.
The analysis makes two other conclusions that stand out as well:
- Companies are taking advantage of insights to not just "improve their core operations, but also to launch entirely new business models."
- And that those new lines of business "are increasingly blurring traditional sector boundaries."
What that means for CEOs, boards and senior management is that Big Data, analytics and benchmarking need to drive decisions, and that doing that not only improves core performance, but helps protect it and expand it as well.
You can read the full report here.
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