New research from business process management (BPM) solutions firm WNS (Holdings) Limited examines the maturity of data and analytics capabilities—and the future outlook across enterprises. The study, based on survey research from by Forrester Consulting, was designed to explore the role that data, analytics, and AI play in helping organizations achieve their strategic goals, and to highlight the challenges they face in becoming a data-driven enterprise.
The study reveals that while 63 percent of decision-makers recognize data and analytics as a key strategic enabler, only 37 percent are prioritizing investment in better data and analytics capabilities. This highlights the enormous potential to act further on business intent. Importantly, 68 percent are planning to ramp up internal capabilities, grow their talent pool, and adopt cloud solutions and data commercialization.
The research underscores the need for organizations to build agility and scalability through cloud-based analytics. Today, 31 percent of the respondents are in the process of moving towards a cloud-first approach, with the development of cloud-based analytics capabilities being a key priority in their strategy.
To drive higher data and analytics maturity, firms are prioritizing investment in data fabric / virtualization tools, data lake and data stream processing. Organizations with higher maturity levels are taking greater strides towards developing cloud-based analytics capabilities.
“According to the survey, 82 percent of organizations with an advanced maturity level have experienced positive year-on-year growth over the past three years,” said Keshav R. Murugesh, Group CEO at WNS, in a news release. “Clearly, data and analytics maturity, including robust AI and cloud-based solutions, is a key enabler of business performance and organizational resilience in the new normal.”
Significant opportunities lie ahead for data and analytics-driven businesses to flourish. This is due to the increasing diversity and sophistication of data and analytics processes that rely on emerging AI and ML technologies. Data and analytics are key to staying ahead of the competition, and third- service providers are key enablers in this journey.
The survey polled 450 CXOs and senior decision-makers in the US, Europe, and APAC representing key industries including banking and financial services, consumer packaged goods, insurance, life sciences, manufacturing, retail, and new age digital/ hi-tech businesses.