There’s no doubt data analytics is one of the most powerful tools at the disposal of organizations today. So why are so many companies still hesitant to adopt it and plan long term strategies centered on data-driven insights?
According to a study of 64 C-level executives from major corporations in the United States such as Ford Motors and Johnson & Johnson conducted by Harvard Business Review, 69% admitted to not having a data-driven organization while over 50% of the respondents said the organizations did not compete on data and analytics.
Yet, Apple Inc., Amazon.com, Microsoft and Google’s parent company; Alphabet, have accumulated over $1 trillion in valuation on the back of data analytics and artificial intelligence. The doubt of large corporations such as Ford Motors in implementing data analytics and the unprecedented success of $1 trillion companies represents two extremes of the same spectrum.
The hesitance in conducting and implementing data analytics insights stems from a lack of infrastructure to implement analytics effectively as well as a distorted data analytics strategy.
Lucrative.ai explores the most effective method to develop a holistic data analytics strategy that allows effective implementation of analytical insights to drive business success. Read our report to understand the 5-step data analytics strategy with detail on how to apply analytics in the modern age to emulate the success of Apple, Amazon, Microsoft and Alphabet.