Fostering a Data Driving Culture

According to this EIU survey, there is a clear link between data use and financial performance. 84% of survey respondents who described themselves as financially ahead of their peers report that their companies are also ahead in data use, compared with only 25% of respondents at companies that financially lag their peers.
 
The report surveyed 530 senior executives from different industries around the world. The range of company sizes is also diverse, from those with revenue of less than US$500 million through to those with revenue of US$10 billion.
 
Key Findings:
  • 84%of survey respondents who described themselves as financially ahead of their peers report that their companies are also ahead in data use

 

  • Data collection needs to be a primary activity across departments as 66% percent of respondents from high-performing companies cite data collection as “very important/essential”

 

  • 36% indicate that data analysis is “extremely important” for finance and accounting function, the second top following strategic decision-making (41%)

 

  • 51% of respondents feel that it is somewhat difficult to recruit and retain people who are effective at analyzing data

 

  • 50% of respondents at high-performing companies say it is very important to have training programmes/partnerships in place to increase the data-literacy of their employees

 

  • Top-down mandates and guidance are critical as 69% from high-performing companies attest to the importance of C-level leadership on data issues

 

 

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