The ubiquity of IT, growing transaction volumes and increasing computing power make data in great quantities available to companies of all sizes. However, only a minority of companies has developed advanced analytical capabilities that create competitive advantage.
Accenture defines analytics as an integrated framework that employs quantitative methods to derive actionable insights from data, and then uses those insights to shape business decisions and ultimately improve outcomes. Accenture research confirms that high-performance businesses are five times more likely to use analytics strategically compared with low performers. These high-performance businesses:
Close the loop by turning raw data into insights that shape actual decisions and business processes.
Move up the analytical curve by using predictive analytics to gain insights into what the company should do in response to changing business conditions.
By contrast, Accenture research shows that data remains an underused and underappreciated asset for most companies.