Insights-driven businesses are growing at an average of more than 30% each year, and by 2020 are predicted to take $1.8 trillion annually from their less-informed peers, notes the Forrester Insights-Driven Businesses Set the Pace for Global Growth report. It’s no wonder then that 90% of organizations in a recent global survey said that data and analytics are key to their digital transformation efforts.

In an era of accelerating digital disruption, success and survival belongs to brands that are able to use data better and faster than their competitors to transform customer experiences and discover, develop and deliver on new or evolved digital business models. Organizations investing in data and analytics are already realizing positive advantages.

According to the MicroStrategy 2018 Global State of Enterprise Analytics Report, which surveyed 500 analytics and business intelligence decision makers from around the world, respondents fostering a data-driven business are seeing these seven key benefits:

  • Improved efficiency and productivity: 63%
  • Faster, more effective decision making: 57%
  • Better financial performance: 51%
  • Competitive advantage: 48%
  • Improved customer experience: 48%
  • Improved customer acquisition and retention: 46%
  • Identification and creation of new revenue streams: 43%

Over the next five years, 71% of these respondents say that they plan to invest even more in data and analytics. These organizations are also making key investments in related talent (64% say they are planning to hire more data and analytics talent over the next year) and inserting the role of Chief Data Officer into their executive team. The Chief Data Officer role is growing in importance as more and more organizations look to make the most of their data – and build a culture around it.

According to the 2018 Global State of Enterprise Analytics report, while 84% of management teams have access to their organization’s data and analytics, 48% of front-line employees do not – a concern for real-time, data-driven decision making and any organization’s bottom line.

Read more from the 2018 Global State of Enterprise Analytics report here.