In a recent report Aberdeen looks at how organisations are waking up to the power of data-driven decision-making and examines the use of business analytics among senior executives.
Analytics in the C-Suite: Fortifying the Executive Decision
A Growing Urgency for Enhanced Decisions
Traditional executives would lean almost entirely on their experience and first-hand knowledge of the business to fuel key decisions.
Nowadays executives have the opportunity to augment that experience and wisdom with data-driven insights.
Aberdeen’s research shows that today’s executives are mostly driven by a need to make more effective data-driven decisions.
Other key factors driving analytical activity relate back to the quality and availability of data. Strong operational visibility depends on clear communication and accountability among operational leaders, but also on relevant and timely data that speaks to the productivity of the organisation. Executives today are concerned with the fragmentation and inaccessibility of data leading to a marked lack of operational visibility.
Portrait of an Analytic Executive
Once purely consumers of automated reports, many of today’s senior managers have ramped up their data discovery activities and become creators of their own insight.
Aberdeen’s recent research shows that today’s Best-in-Class analytical executive is enjoying expedited access to information and generating substantial performance enhancements as well.
Best-in-Class executives get the information they need when they need it 90% of the time. This timely information enables executives to set in motion activities among their key staff members that help drive the business forward.
Further investigation of this elevated performance yields a variety of differentiating factors for top executives. At the top of this list is a marked focus on building and maintaining a foundation of organisational capability.
Another piece of the puzzle in understanding Best-in-Class performance relates to their enabling technology. Leading executives start by augmenting their data management policies and supporting procedures with the appropriate technology.
Analytical Execution, Business Results
For high-performing senior managers, the supporting infrastructure is helpful, but results speak loudest. Best-in-Class executives enjoy several other performance enhancements as compared to their peers.
Organisations lead by Best-in-Class executives benefit from broader data access, quicker information delivery, and more meaningful technology. The research shows that top performing senior managers experienced more than three times the year-over-year improvement in operating profit and cash flow.
Top performing companies place a high value on analytical thinking and data-driven decisions at the highest levels of the organisation.
– Analytical urgency has invaded the C-suite
– Top execs engage in a range of analytical activity
– Analytical efficiency delivers impact to the bottom line
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