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Smart data strategies define financial success

Anuradha Shukla | Sept. 13, 2012
Hiring employees with skills to manage big data initiatives is a good strategy, indicates survey by Economist Intelligence Unit.

Strong correlation has been found between companies with defined data strategies and their financial success.

A survey commissioned by SAS and conducted by the Economist Intelligence Unit (EIU) reveals that companies have a chance to do well if they hire employees with relevant knowledge and skills to manage big data initiatives.

This is apparent because survey findings show that half of the companies that have established a well-defined data strategy outperform their peers financially by up to four times.

This should educate those companies that are putting efforts into channelling all their resources into ramping up big data initiatives, at the cost of getting rid of almost half of their workforce.

EIU surveyed over 750 companies and interviewed about 200 executives across the Asia Pacific to prepare this report. Twenty-two percent of those surveyed said social media and Web data significantly affects customer experience.

Companies require speed

Increased speed has the most significant effect on strategic decision making, according to 63 percent of the respondents and 65 percent said the speed at which their companies process data has increased over the past year.

The companies that have been identified as high-performance enterprises experienced "significant" increases, as compared to just 17 percent of other companies.

Although data scientists and data stewards are required for gaining insight from data, the survey found shortage of skilled data workers in companies.

Work is not finished once reporting is done and it is important for companies to properly communicate the results of data-driven initiatives. This task has challenged many organisations because results have to be shared with employees at all levels easily.

Businesses upgrading to business intelligence server products from SAS will benefit from more display, design and navigation features. Updated SAS Enterprise BI Server and SAS BI Server include features such as enhanced customisation, added data filters and more.

All these features showcase insights from data assets in a better manner and improve the return of investment for companies.

"SAS BI technologies anchor many customers' business analytics strategies. Their suggestions for how SAS could provide even greater benefit have been invaluable," said Jim Davis, SAS senior vice president and chief marketing officer. "This round of enhancements is clearly customer-focused."

 

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