How to gain competitive advantages over competitors should be a crucial question for any organization. Organizations that have scaled advanced analytics (predictive analytics, prescriptive analytics) beyond pilot projects and characterize themselves as data-driven tend to be top performers.13 Furthermore, there is no shortage of examples of how advanced analytics can be applied to a given domain.
In 2022, NewVantagePartners released its 10th annual report on data and AI leadership among Fortune 1000 organizations.14 Although progress has been made over the years to become more data-driven, there are three major concerns in the 2022 report: only 19.3% had established a data-driven culture; only 26.5% had established a data-driven organization; and the nontechnical barriers represented 91.9% of the perceived challenges to become more data-driven. In addition, the metrics are declining. One can only speculate whether more respondents in the survey or a more critical self-assessment of the organizations are the reasons for the low figures or if the explanation can be found elsewhere. In practice, it means organizations cannot use advanced analytics to its full potential.
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